You are here: Home - Mortgages - Buy To Let - News -

Landlords get green light for Bank of Ireland class action

Written by:
Fifty landlords planning a class action against the Bank of Ireland have been given the go ahead to challenge it before the May rate rise.

The Law Department principal Justin Selig, who is leading the case, received a “very positive” response from a barrister consulted after the lawsuit was suggested.

He said: “It looks like the bank’s actions are open to challenge on a number of different fronts. What we need to do is work out how we are going to do it and get as many people involved as possible.”

There were a couple of different approaches the landlords could take, he said. In particular, there was the question of whether claimants should pay the increased rate when it begins next month.

Selig encouraged other landlords hit by the rate rise to contact him if they wanted to join the class action: “The Bank of Ireland is going to be using all the big legal firms. But I am not worried about that because we have got a good case and we have good people – we will bring in expert support.”

Landlords began planning a class action after the Bank of Ireland announced it would be doubling rates on certain tracker mortgages earlier this year.

Those hit included mortgage broker Caroline Grierson, who said she felt “cheated” and questioned the need for rates to rise by such a large amount.

A coalition of landlord representatives decided to challenge the decision on the basis that even if the small print allowed for a rate increase, the move was inherently unfair.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
energy bills
Revealed: the best fixed price energy deals

As competition heats up in the fixed tariff space, we reveal the best deals on the market.