BofI Variable Rate - Any impact from the Millar case?

S

SallyM

Registered User
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We have 2 standard variable rates mortgages with Bank of Ireland (home at 4.15%) and Investment property at 5.35% both from 2009.

Is there any inkling that the Millar case will have an impact on the exorbitant rates Bank of Ireland are charging? I don't see them specifically mentioned in any posts. When I signed up for a variable rate mortgage I knew it could go up or down (not just up!)

Thanks to Brendan for highlighting this daylight robbery and also to Charlie Weston of the Independent.

Also of course the Millars whom I wish the best of luck to.
 

we took out a mortgage in 2011 with ICS and no mention of market conditions.
"The interest rate chargeable will vary at the Society's discretion upwards or downwards."

So the millars case probably wont help everyone.
 
Hi Brendan, I called Dilosk (formerly ICS) yet again about reducing their SVR, their reply to me was "we are under no obligation to reduce the rate, and the only way it could be lowered was if the government got involved and made us reduce the SVR".
I have also emailed 2 TD's about this statement.
I also explained that due to having BTL's in NE (which are being paid on time and in full) there is no way we can "switch" to another bank.

One TD replied to me that that he will raise this issue and that the banks are treating existing customers very unfairly.

Do you think that if the Millars win their case, it will have any bearing on the SVR Dilosk are charging ?
Still living in hope here, us SVR customers need to do more about this situation, but what more can we do ?
 
A point of information to share with the forum, on correspondence we received from Ulsterbank (formerly First Active) they used the following language regarding variable rates "....which may be increased or reduced by the company from time to time and at any time in line with market interest rates" on our original mortgage contract offer and subsequent rate adjustment documents to choose a variable or fixed rate in 2006 & 2007.

On similar documents in 2010 and 2013 they updated the variable language to ".....the interest rate applicable will be a rate of interest which may be increased or reduced by the company from time to time".

So Ulsterbank have obviously tried to make the language a bit more water-tight in recent years for precisely this type of scenario. I hope the statute of limitations is not an issue here if the judgement does go against the banks.
 

The Statute of Limitations is going to be a huge issue on Variable Mortgages and PPI claims.
 
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