Bank of Ireland reverses rate hike decision for 1,200 borrowers

Bank of Ireland has announced that 1,200 of the 13,500 affected customers will no longer be hit with a rate hike. The surprise move follows a review of the complaints received by the bank. Earlier this month Bank of Ireland started the process of increasing rates for their existing residential and buy-to-let customers and some rates will increase by 2.74% by the end of this year. Approximately 1,000 Bank of Ireland customers actively using the flexible features on their mortgage received a letter suggesting that their rate would stay the same rate and this meant the bank couldn't increase their repayments. Also, around 200 customers switched to a new tracker rate and the new terms and conditions did not specify the bank could increase their rate. May 24, 2013