I checked my offer letter and it states that the interest charged on the loan is euibor plus 1.5.
When I questioned this they said it was in the small print they could do this. They changed it from euribor with a 1.5% margin to bank cost of funds. I could check the euribor rate I am not even sure how they calculate bcof.
The main point will be it says in the morgage offer the interest is 'primarily' calculated by a margin in the euribor. The bank will argue that this means it is open to change.
legal advice costs a lot of money in the Country, the Trioka even mentioned reforming same, however the Government has done nothing to address the situation.
I have talked to the central bank who said I first have to raise a complaint with boi and get an official response before I can go further. Of course the bank will dispute I am just wondering if I have a case worth the hassle.Why has the OP consistently ignored the advice from BB to get advice from an external expert on this matter? I don't understand the persistence with obtaining explanations from the Bank who clearly have a vested interest in the issue. this makes no sense. If a loss of c25k has been suffered then there is clearly a monetary rationale for obtaining an expert independent opinion. I mean seriously, a "woman from BoI" who is a new entrant to the Bank trying to interpret a loan contract!!!!!
I wasn't aware of conditions on page 9 and am looking at that today. I guess we're I see this going is if there is a condition hidden in a 20 page document is it legal they can hide this. My loan offer said the interest rate was calculated primarily which can be defined as mainly. This hasn't been the case. My second point is that even if they could change to bcof, then why hasn't it dropped when the costs of funds to the bank dropped.Rather than drip-feeding information to us why not post the actual terms and conditions on page 9?
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