Response to Bank of Ireland reversal of mortgage rate hike for 1,200 customers

In response to Bank of Ireland reversal of mortgage rate hike for 1,200 customers, Which? executive director Richard Lloyd said:

“These customers should not have been subject to the price hike in the first place and this announcement just shows that Bank of Ireland did not properly review who it could be applied to.

“Bank of Ireland should now re-examine the position of all customers affected by the rate rise – especially those who were sold a ‘lifetime tracker’ – and we hope the Financial Conduct Authority will monitor this.

“Customers who feel they’ve been unfairly treated should continue to complain.”

Background

Which? has created a free online tool to make it easy for consumers to complain directly to the Bank of Ireland, at www.which.co.uk/bankofireland. We are advising Bank of Ireland mortgage customers to complain if they were led to believe their rate would track the Bank of England base rate by the same amount for the term of their mortgage or if their mortgage had ‘life’ or ‘lifetime’ in its name.

Statement: Mortgage