Bank backs down over mortgage rate rise

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The controversial ‘Ticked Off...’ column which exposes malpractices in the financial industry has struck with success.

The Bank of Ireland announced it would raise interest rates on tracker mortgages despite no increase in base rate by the Bank of England.

Conal Gregory, the Yorkshire Post’s Personal Finance editor, attacked the bank and said that whilst technically it might have such powers, it was not in the spirit of mortgage holders. He said that the FCA’s backing for the bank in its move was ill-judged.

This week the Bank of Ireland withdrew its plan to raise such rates which would have doubled mortgage rates for over 1,300 British clients, increasing the level from 1.75 to 3.99 per cent.

Conal Gregory has won several awards for his journalism from both the Association of Investment Companies and British Insurance Brokers Association.