Interest rate increase Bank of Ireland

Just found out that our cheque wont be issued in time, very disappointed, frustrated and angry.

Our solicitor was instructed weeks ago that we wanted to close as soon as possible and before the rate increase but failed to send in the necessary documentation until last Friday. When BOI mortgages finally processed the documentation on Tuesday they found that the mortgage reference number was missing from the application so the documents had to be returned to the solicitor by snail mail. Somehow the documents have yet to be received by the solicitor so as the the rates are changing at the close of business today it will be too late for us to secure the rate before the increase.

Since the contracts are signed I am not sure of what options I have but I do feel very hard done by in this process. At the end of the day I will still have to pay the solicitor and the bank will end up getting even more money from me so the person losing out is the customer/taxpayer, a normal scenario in modern day Ireland.

Does anyone have any suggestions, are there any avenues for complaints that I could peruse? To be honest this makes the me want to pull out of the whole house purchase.
 
You must be mad alright!! We are mad about the increases but had not reached the point you're at! I was aware of this risk from an early stage, which is why I asked our solicitor and our broker about it. My understanding is that even if you sign the loan contract with the bank, you can change your mind (i.e. pull out) up to the point where the solicitor requests the cheque to the bank. Do you want to change your mind?? I may be wrong but if you solicitor hasn't done it yet, you may still be able to do something about it!
 
Hi Devilabit,

just to say we had to get loan letters reissued this week also. They were supposedly printed on Friday and went out in Friday's post but I only got them on Tuesday and the solicitor still hadn't received them on Wednesday. Luckily we were able to just use our loan letters but I find it curious that it would take so long for them to arrive in the post. Generally speaking if a letter is posted on Friday it will arrive on the Monday or Tuesday at the latest.
 
devilabit said:
Just found out that our cheque wont be issued in time, very disappointed, frustrated and angry.

Our solicitor was instructed weeks ago that we wanted to close as soon as possible and before the rate increase but failed to send in the necessary documentation until last Friday. When BOI mortgages finally processed the documentation on Tuesday they found that the mortgage reference number was missing from the application so the documents had to be returned to the solicitor by snail mail. Somehow the documents have yet to be received by the solicitor so as the the rates are changing at the close of business today it will be too late for us to secure the rate before the increase.

Since the contracts are signed I am not sure of what options I have but I do feel very hard done by in this process. At the end of the day I will still have to pay the solicitor and the bank will end up getting even more money from me so the person losing out is the customer/taxpayer, a normal scenario in modern day Ireland.

Does anyone have any suggestions, are there any avenues for complaints that I could peruse? To be honest this makes the me want to pull out of the whole house purchase.
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I was in a similar situation a few weeks ago, but the bank (KBC) didnt increase the rate,and it was fixed for three years.
Have you spoken with the mortgage lender? Because if they have accepted you ( and this is becoming increasingly difficult) they must have a good view of your financial situation, and were happy to offer you a mortgage, therefore they know you would be accepted elsewhere.
If I were you I would phone the bank and say that you expect them to hold the rate you agreed,and as far as Im aware most will ..my brooker told me that KBC would have honored it even if we had been delayed by a week,so phone your mortgage advisor in BOI ,explain that you understood that the rate had been agreed,that you had based your finances on that rate,that it would appear it was their fault as the solicitor hasnt received the documents and see what they say.
I would advise anyone in a situation like this to use couriers to get the documents where they need to be,this is what I did and it was cheaper than driving in /parking,and it was one way of ensuring that the documents were delivered.
 
thedaras said:
I was in a similar situation a few weeks ago, but the bank (KBC) didnt increase the rate,and it was fixed for three years.
Have you spoken with the mortgage lender? Because if they have accepted you ( and this is becoming increasingly difficult) they must have a good view of your financial situation, and were happy to offer you a mortgage, therefore they know you would be accepted elsewhere.
If I were you I would phone the bank and say that you expect them to hold the rate you agreed,and as far as Im aware most will ..my brooker told me that KBC would have honored it even if we had been delayed by a week,so phone your mortgage advisor in BOI ,explain that you understood that the rate had been agreed,that you had based your finances on that rate,that it would appear it was their fault as the solicitor hasnt received the documents and see what they say.
I would advise anyone in a situation like this to use couriers to get the documents where they need to be,this is what I did and it was cheaper than driving in /parking,and it was one way of ensuring that the documents were delivered.
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The documents were only received by the solicitor today because they were addressed to the wrong Dublin postal code! We now have grievance with the bank and with the solicitor, as far as im concerned the mistakes that have been made are unacceptable.
 
I'm amazed that anything was sent through the postal service. There is a secure courier system used by the banks and solicitors for this purpose. I had to chase every document with BOI over the last 2 weeks and I have nothing but contempt for the appalling way PTSB treated my requests for statements despite being a customer of theirs since 1984.
We got our documents signed by the solicitor on Monday and our cheque was printed yesterday.

Devilabit I'm really sorry that you had such bad luck with this. It's inexcusable that it should have been a problem.
 
devilabit said:
The documents were only received by the solicitor today because they were addressed to the wrong Dublin postal code! We now have grievance with the bank and with the solicitor, as far as im concerned the mistakes that have been made are unacceptable.
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Well that is not your problem,nor should you be made to pay for this mistake.
Have you spoken to whomever is dealing with your mortgage? Have you spoken with a manager?
If they were incorrectly addressed by the bank,thats their fault,I would be amazed if they didnt honour the agreement you had with them,though not surprised!
 
sorry to hear you didnt get the cheque...my partner and I have had such a stressful couple of weeks. i was on the phone every day to both the bank and the solicitor, I didnt trust the post at all, we picked verything up and drove to the solicitor..it was the only way. I hope that you get the previous rate but we were told that you only get the rate guaranteed when on the day it is issued!!
 
Ours was issue two weeks ago, it went to the cheque issue dept on a Thursday and received by our solicitor on the Friday :)

We're meant to be closing today, so hopefully all the hard work pays off!!
 
Have just rang ICS Building society and they told me that their 2 year fixed rate is 5.25%, their 3 year fixed rate is 5.75% and their 5 year fixed rate is 6.35%. I asked them how much that would be per 1,000 over 20years and they would not tell me. They also told me that their variable interest rate has not gone up and is 3.65%. Does anyone have a variable rate mortgage with them at the mo and if so is this the correct rate? Also is there a mortgage calculator where I can work out their fixed rate options?
 
thedaras said:
Well that is not your problem,nor should you be made to pay for this mistake.
Have you spoken to whomever is dealing with your mortgage? Have you spoken with a manager?
If they were incorrectly addressed by the bank,thats their fault,I would be amazed if they didnt honour the agreement you had with them,though not surprised!
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My issue with missing out on securing last weeks rate is now with the branch manager. If what what was mentioned above is correct and that the 5yr rate is going to be 6.35% I think we will need to pull the plug on the mortgage at this late stage, im not going to pay €11k extra just because someone in BOI sent the documents to the wrong address!
 
Hi There,

I am looking for some information about the above Interest Rate increase. I have just moved into our house after getting a mortgage with BOI and have been charged the 4.75% Fixed Interest Rate through no fault of our own. On the 18th April my Mortgage Advisor informed me that the interest rates were to increase and we had to have our cheque printed before close of business on the 21st April, all documents were in at that stage so there was no delay and the cheque was issued on the 21st April to which my Mortgage Advisor confirmed with me that we got it at the Lower Rate! We got our keys on 29th April still under the impression that we were paying the 3.4% until I received a letter from BOI Mortgages the following week confirming when our 1st Repayment is due and also stating its at 4.75%! After several phone calls and emails my Mortgage Advisor eventually got back to me to say we missed the timeframe because our solicitor didnt lodge the cheque until the 29th April???? Is the rate you get not on draw down date??? I have now found out from BOI Customer Service that the rate changed on the 15th April, so she was completely wrong with the date of increase in the 1st place??? I am at a loss of what to do now, our mortgage has increased by €200 and I am being told that there is nothing that can be done when this situation arose because of the Mortgage Advisor's incompetency and she is still covering herself and placing the blame on the solicitor not lodging the cheque until the 29th April which has nothing to do with it because she got the date and week completely wrong?
 
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