# BOI mortgage form of authorisation



## MOS2018 (2 Jan 2018)

I have received my mortgage redress letter from BOI and in addition to signing the payment authorisation form they also want is to sign the mortgage form of authorization to “formally acknowledge and accept the rate change we have already applied to your mortgage”. 

By signing this form they say we are acknowledging that “if we certify that the repo rate is unavailable at any time or times we will charge you our prevailing variable rate”. Is this normal? I am concerned that we are having to sign a form accepting the margin as outlined in our original loan agreement and they are adding a clause to say they could put us on the PVR.

Have others in the same situation signed this form?

Thank you for your help.


----------



## LadyHB (3 Jan 2018)

In this context, the Repo Rate per Bank of Ireland's loan documentation refers to the "European Central Bank Main Refinancing Operations Minimum Bid Rate" i.e. the standard ECB Rate that tracker loans track.


----------



## SaySomething (4 Jan 2018)

This is why the payment for legal and financial advice is so important. Ulster Bank's document package contains a similar form to sign. You need to take qualified legal advice on any such document. For many customers the document that their mortgage rate relies upon is their contract. It's essential that you are sure that this form does not alter your contractual rights.

Use the advice payment and see a solicitor and accountant.


----------



## Lucian N (12 Jan 2018)

Hi
I didn’t sign MFA and BoI sent me another copy.
Still waiting for my solicitor to get back from holiday so I could get advice.


----------



## LadyHB (18 Jan 2018)

I got verbal confirmation from BOI today that to get paid redress and compensation you do not have to return the Mortgage Form of Authorisation. I'm holding off returning the MFA until I get legal advice and for a while I thought I couldn't submit my payment instructions until I had returned both forms. That's not the case.


----------



## IdesofMarch (18 Jan 2018)

Lucian N said:


> Hi
> I didn’t sign MFA and BoI sent me another copy.
> Still waiting for my solicitor to get back from holiday so I could get advice.



Can you post a copy of the MFA, redacting all identifying information to this thread.


----------



## Lucian N (18 Jan 2018)

How can I load photos??


----------



## Lucian N (18 Jan 2018)

LadyHB said:


> I got verbal confirmation from BOI today that to get paid redress and compensation you do not have to return the Mortgage Form of Authorisation. I'm holding off returning the MFA until I get legal advice and for a while I thought I couldn't submit my payment instructions until I had returned both forms. That's not the case.



I got the money transferred into my account and DID NOT SIGN MFA
My solicitor said is not needed ..so I’m waiting until my appeal case is over


----------



## LadyHB (18 Jan 2018)

Exactly Lucian.  No need to return the MFA when returning payment instructions.


----------



## moneymakeover (18 Jan 2018)

Is the MFA required to get rate reduction?


Also you can if you like add this to clause 2:


"For the term of the loan"

Makes sense


----------



## LadyHB (18 Jan 2018)

The rate reduction is applied automatically. I don’t know if you can just amend the MFA hence I’m getting legal advice.


----------



## Lucian N (18 Jan 2018)

Loan rate was reduced since 23 Nov 2017 without signing anything 
Amount owned was refunded into my account after I signed one of the forms 
MFA not signed
Appeal process started ... as I’ve got 10% compensation and only €250 for legal advice 
An extra 5% compensation will cover for a nice family holiday


----------



## Lucian N (18 Jan 2018)

IdesofMarch.. this is MFA I’ve received


----------



## Lucian N (18 Jan 2018)

Same form...back side


----------

