Bank of Ireland mortgage customers will be hit with a price rise today as the second phase of the bank’s interest rate hike takes effect.
More than 12,000 residential mortgage customers already saw interest rates increase to 2.49% above the Bank of England base rate in May this year.
Today’s rise will see the rate raise to base rate plus 3.99%.
Buy to let mortgage customers have already seen their interest rate increase to base rate plus 4.49%.
This is despite the fact that the Bank of England base rate has remained at 0.5% for over four years.
Free Which? complaint tool
Which? believes it is unfair for the bank to hike its rates based on clauses buried in the small print.
If you’re affected by the increase, our free online tool allows you to complain directly to the customer complaints team at the Bank of Ireland.
BOI rate increase
Which? has received, and continues to receive, numerous complaints on this issue. We’ve sent a clear message to the Bank of Ireland criticising its decision to increase its rates.
We want the government to make sure there’s greater protection for bank customers from unfair terms and conditions via the Consumer Rights Bill.
The Consumer Rights Bill will aim to make substantial improvements to consumer protection, ensuring consumers have clear processes to redress.
BOI rate complaints
Have you been affected by the Bank of Ireland’s decision to increase the repayment rate on its tracker mortgages?
You should complain if you were led to believe your rate would track the Bank of England base rate by the same amount for the term of your mortgage, or if your mortgage had ‘life’ or ‘lifetime’ in its name.
Use our free online tool to make a complaint to the Bank of Ireland.
Need mortgage advice?
We believe you should seek independent mortgage advice before taking out a mortgage. The Which? Group offers an independent mortgage advice service, Which? Mortgage Advisers, that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using the Unbiased website.