Hogmeister55
Registered User
- Messages
- 27
I wouldn't agree that BOI has a particularly low restoration rate compared to other lenders.
Don't forget that, in addition to the 602 accounts recently identified as part of this review process, BOI previously restored trackers to 2,096 accounts back in December 2011 as a result of an earlier review.
I do agree with you that it seems completely fanciful to imagine that BOI were far-sighted enough in 2006 to take steps to trick anybody out of trackers that they would otherwise be entitled to once their fixed terms expired when you consider that they BOI continued to offer trackers as late as September 2008.
Are you referring to staff MFAs or MFAs for "ordinary" customers ?Why then put provisions in place not allowing the loan to default back to the original loan offer in their MFAs ? I'm not talking about the staff in branch it came from the top of the tree.
Not according to Revenue . This seems to have been a huge hang up for BoI .Staff are "ordinary customers".
are you staff ? Don't give hope yet . There's a good bit to go in this process yet . Pauric's presentation to the Oireachtas will turn up the heat on the Banks . Best of luck .I wish I had been one of your customers I fixed in 2006 for 3 years lost tracker because of this.
"Bank of Ireland Mortgages are delighted to offer you our new staff non-standard variable rate mortgage at just 3.50% currently". "Key Benefits for our Staff 1. Market Leading Rate 2. No Benefit in Kind 3. Not directly linked to ECB Interest movements - important given predicted interest rate increases over coming 6 months 4. Simple and easy to avail of"
I assume we are still talking about BOI staffers that switched from a tracker to the discounted staff variable rate before fixing?
The fact that the staff variable rate did not track the ECB refi rate was actually presented as a benefit of the product -
Just like a fixed rate doesn't track the ECB rate.
No I'm not staff but surely you should be treated the same as (ordinary) people at least I hope Pauric will shake things up a bit in the oireachtas we live in hope.
In other words, the roll-off rate is the discounted staff variable rate that applied prior to fixing.3. In converting the loan to a Staff Mortgage loan, I agree that the interest rate applicable to the loan is a variable interest rate and may vary upwards or downwards. The rate shall be the higher of the following two key indicators (1) the prevailing Revenue Commissioners BIK ( benefit in kind) reference rate (2) the one month Cost of Funds reference rate (which is equivalent to the one month EURIBOR rate issued by Bank of Ireland Global Markets on a daily basis). In the event that the Staff Mortgage Rate is certified by the Society to be unavailable for any reason the interest applicable to the loan shall be the prevailing Home loan Variable rate. Notification of any change in the interest rate with condition 6(b) of The General conditions of my original offer letter..
That's certainly true but surely we're talking about the roll-off rate? The relevant BOI staffers deliberately and consciously opted to switch from their trackers to a discounted staff variable rate before they fixed - no?
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