Nationwide Building Society has acquired part of Bank of Ireland’s UK residential mortgage portfolio.
The £1.1 billion deal will see over 14,000 Bank of Ireland mortgage customers transfer to Nationwide’s subsidiary, The Mortgage Works, in December 2011.
The mortgages are all in England, Scotland and Wales, with an average LTV (loan to value) of approximately 50 per cent.
Announcing the deal, Graham Beale, chief executive of Nationwide, said: “This is excellent news for Nationwide and for our customers. We have acquired a high quality portfolio of low-risk mortgages with an impressive LTV ratio that brings real value to the Society.
“Our new customers can take confidence in the fact that their mortgages are now being looked after by the world’s biggest building society with over 150 years experience of helping people own their home.”
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As a Bank of Ireland customer having received a letter confirming this sale of my mortgage to the Mortgage Works, I’m really worried as
1) an interest rate hasn’t been confirmed (Current variable rate; BOI 2.99%, Mortgage Works 4.79%)
2) the amount of notice is insufficient especially as I don’t know the answer to 1.
3) why did I borrow so little and keep up my repayments just so I can enjoy a lot of uncertainty.
Lesson learnt, over borrow and miss payments and you’ll be OK.
Thanks BOI and the mortgage works for ruining my day, now what is the number for the FSA and the OFT or am I wasting my time,
Agree with the above. Nationwide executive gloating and boasting how it’s great for nationwide that many BOI customers have been well and truly scammed. This change will cost me £200 a month come March. Since i was a self-cert 11 years ago, never ,missed a payment, i have no chance of moving.
I shall be contacting OFT as well, We have been scammed.