This is an entirely theoretical question!!
I'm also one of the variable rate customers being over charged by Bank of Ireland and it occurred to me that we actually hold a very good card in all of this.
If there are approx 300,000 variable rate customers and if a large percentage of those customers decided they were going to stop paying there mortgage until the banks lower there rates to a reasonable level with no fixed rate gimmicks, I wonder how it would play out. The lenders would have a big problem on there hands, I guess the mortgage holder would end up with a bad credit rating and possibly some kind of penalty.
I'm also one of the variable rate customers being over charged by Bank of Ireland and it occurred to me that we actually hold a very good card in all of this.
If there are approx 300,000 variable rate customers and if a large percentage of those customers decided they were going to stop paying there mortgage until the banks lower there rates to a reasonable level with no fixed rate gimmicks, I wonder how it would play out. The lenders would have a big problem on there hands, I guess the mortgage holder would end up with a bad credit rating and possibly some kind of penalty.