Bank of Ireland sneaky rise in fixed mortgage rates

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Perplexed888

Guest
Bank of Ireland (ref Irish Times Business section -page 1 Oct 14th 2011) have decided to renegage on 'business' mortgage rates that were meant to track the Euribor rate. For three years I have been paying Euribor + 1 % interest on a mortgage for a premises. The government messed me up by reducing the amount of interest relief against tax from 100% to 70%. Now I have to earn much more just to service my mortgage.
This week BOI anounce that they have decided to move 'some business clients' off the Euribor + rate onto a new in-house computation which effectively means an increase of 0.7%. This inrease will also only have 70% allowable against tax.
Has anybody else recieved this notification? Can they do this? Whats to stop them raising it again next week? Surely a fixed rate set for the life of the mortgage should not be so easy to reset just when it suits the bank?
Perplexed888
 
BOI/ICS have a dreadful record for this sort of stuff,review your paperwork & see if they are entitled to do this,if they aren't ask for a final response letter then send a complaint into the Financial Ombudsman.
 
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