PR activity report for May 2013

Landlord Action encouraged at BoI decision to reverse some mortgage rate hikes After nearly three months of campaigning and encouraging landlords to complain, Landlord Action is pleased to hear that the Bank of Irelandhas written to the 1,200 borrowers, who were threatened with an increase in their mortgage rate, to advise them that they will not face the change after all, following a review of customer complaints. However there are still many buy-let-let borrowers facing rises three times their existing monthly payment. Landlord Action believes that the banks reaction to the campaign will encourage even more landlords to come out and voice their complaints.

Paul Shamplina, Founder of Landlord Action, made the following comment: “The Bank of Ireland has reversed its mortgage rate increase for over a thousand borrowers and it’s all because we all complained. This is landlord power and this should be a lesson to all landlords. Lenders have the power to try it on and then wait to see what happens. However, under the regulations, the banks are obliged to look into every single complaint so their decisions must always be challenged. We stand by our advice – if you are being unfairly treated, complain, complain, complain. This BOI decision is proof that it can work.

Landlord Action are still looking into the cases for the remainder of the affected borrowers but would like to thank all those landlords who came forward and put their names in to a group action. “It’s because of people like them that the bank has backed down. We believe that many more borrowers could benefit with a bit more effort” he concluded.