I have a mortgage with BoI, I was on a 2 year fixed term which has just ended. The bank contacted me in July to outline my choices, one of which was the variable LTV>80%<500K VRP5 at a rate of 3.75% This is what we chose to go with.
Yesterday I received a letter from the bank advising that my fixed term has ended and I am now on a variable rate, of 4%! The first direct debit left my account this morning.
I just phoned to ask why I am not on the 3.75% that I was offered & I've been told that the rate increased on 30th July! I asked why I hadn't been notified and I was told that it was because I was still on a fixed rate until 18th August and they only notify people on the variable of the rate changes.
I think it's a bit odd, I didn't hear anything in the news about BoI increasing it's rate by .25% in July. I know they have announced a further .5% increase in October but was this also widely known? If so then why did the offer dated 19th July now reflect the rate that would be in effect on 18th August?
Yesterday I received a letter from the bank advising that my fixed term has ended and I am now on a variable rate, of 4%! The first direct debit left my account this morning.
I just phoned to ask why I am not on the 3.75% that I was offered & I've been told that the rate increased on 30th July! I asked why I hadn't been notified and I was told that it was because I was still on a fixed rate until 18th August and they only notify people on the variable of the rate changes.
I think it's a bit odd, I didn't hear anything in the news about BoI increasing it's rate by .25% in July. I know they have announced a further .5% increase in October but was this also widely known? If so then why did the offer dated 19th July now reflect the rate that would be in effect on 18th August?
