The Residential Landlords’ Association are today encouraging its members to complain to the Bank of Ireland (BOI) in protest against their decision to raise the repayment rate on its tracker mortgages.
The consumer body, Which? has created a complaint tool, helping those affected by the bank’s decision to hike its tracker rate on buy-to-let mortgages to easily complain to the Bank of Ireland.
The RLA have previously voiced its concern to the Bank of Ireland over their decision to raise repayment rates to 4.49 per cent above the Bank of England’s base rate and their lack of support for the private rented sector.
In a letter to the Bank of Ireland, RLA Chairman, Alan Ward wrote, “We are extremely disturbed that conscientious landlords, who are customers of the Bank of Ireland and your division Bristol & West, will find the sharp increase unfeasible – leading to the increased potential for defaults and repossessions.
“Many of the landlords affected will have had hitherto excellent credit ratings; and, whilst we are more than aware that interest rates go up as well as down, this hefty hike in the tracker rate will effectively leave them financially high and dry.”
Bank of Ireland’s director of UK consumer banking, Mike Joyce, has recently responded to the RLA stating that customers unhappy with the change have the right to complain, and reiterated customers’ right to take their complaint to the Financial Ombudsman.
If you have been affected by the Bank of Ireland’s decision to increase the repayment rate on its tracker mortgages, it is strongly advised that you use Which?’s free online tool to complain directly to the BOI.