Bank of Ireland have just told me that to 'hold more capital reserves' they will increase the mortgage rate differential from base rate +1,75% to base rate +4.49% a 256% increase ! They say my mortgage loan agreement (originally with Bristol & West) has a 'special' condition that allows them to increase the mortgage rate differential by 256%. I am going to check my original mortgage agreement, but has anyone had experience of this massive increase in the mortgage rate differential ? If not watch this space you could be next !
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