The Bank of Ireland has 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 Landlord Action, which has been campaigning on the issue, believes 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, said: “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.”