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Legal & Regulatory Information

  • Our goal is not to engage in legal action with our customers but to find solutions together. The key to finding those solutions is to talk to us so we can agree an arrangement.
  • In accordance with the IBF Pledge to Homeowners to which Bank of Scotland plc ('the Bank') subscribes and the Central Bank of Ireland’s Code of Conduct on Mortgage Arrears provided the customer maintains any agreed arrangement we will NOT initiate any form of legal action against them. Please see the Central Bank of Ireland’s website www.centralbank.ie and Irish Banking Federation website - www.helpinghomeowners.ie
  • If a customer has an account with 3 months arrears and fails to co-operate with us to reach a solution, the Bank may commence legal action by issue of a formal demand for payment. In such an event, please contact us as soon as possible as we will still work with you to resolve matters.
  • Should the Bank commence legal action the customer faces the possibility of losing their home.
  • If a customer’s property is repossessed, it will be sold at market value. However should proceeds from the sale not redeem the customer’s mortgage account in full, the customer remains liable for the remaining balance.
  • You will be liable for any legal costs incurred, which may be charged to your mortgage account in accordance with the terms and conditions of your loan.

We recommend that you seek independent legal and financial advice.

2. Costs and charges

If your mortgage goes into arrears and you engage with the Bank to reach a solution, there will be no arrears fees or chargesinrelation to your account.However, if Bank of Scotland plc commences legal proceedings as set out above, you may incur legal costs.We will tell you the amount you will have to pay.

3. Irish Consumer Credit Act 1995

Irish Housing Loans under the Irish Consumer Credit Act 1995

Please note carefully the following information relating to Irish Housing Loans covered under the Irish Consumer Credit Act 1995 and the Consumer Protection Code.

WARNING: PLEASE NOTE THAT IF YOU DO NOT MEET THE REPAYMENTS ON YOUR LOAN, YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING.

WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

Variable Rate Loans

THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.

WARNING: THE COST OF YOUR MONTHLY REPAYMENTS MAY INCREASE - IF YOU DO NOT KEEP UP YOUR REPAYMENTS YOU MAY LOSE YOUR HOME.

Interest-Only Mortgages

WARNING: THE ENTIRE AMOUNT THAT YOU HAVE BORROWED WILL STILL BE OUTSTANDING AT THE END OF THE INTEREST-ONLY PERIOD.

Fixed Rate Loans

WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED-RATE LOAN EARLY.

Endowment Loans

WARNING THERE IS NO GUARANTEE THAT THE PROCEEDS OF THE INSURANCE POLICY WILL BE SUFFICIENT TO REPAY THE LOAN IN FULL WHEN IT BECOMES DUE FOR REPAYMENT.

EARLY SURRENDER OF THE INSURANCE POLICY IN RESPECT OF THE ENDOWMENT LOAN MAY RESULT IN A RETURN TO THE BORROWER WHICH WOULD BE LESS THAN THAT PAID IN PREMIA AND OTHER CHARGES.

Debt Consolidation Mortgages

WARNING: THIS NEW LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS YOU MAY PAY MORE THAN IF YOU PAID OVER A SHORTER TERM.

4. Arrears

  • If you have an overdue balance on your Account(s) you may be adversely affecting your credit rating which may reduce your ability to obtain finance in the future.
  • Interest will be applied to the outstanding balance of the loan. This balance includes any element of unpaid interest and charges which will accrue interest and be capitalised to the loan.

5. Complaints

If you think that the Bank has not treated you fairly in dealing with any arrears on your mortgage, first please talk to us and let us know what the problem is. The chances are that your complaint can be quickly resolved by the manager of the area you are dealing with - so please contact us first.

Please click here for more information on our Complaints Handling Procedure

If, after going through the complaints process, you’re still unhappy, you can then refer your complaint in the first instance to the Irish Financial Services Ombudsman at 3rd Floor, Lincoln House, Lincoln Place, Dublin 2 or telephone 1890 88 20 90 / 01 6620899 or email enquiries@financialombudsman.ie.

Alternatively contact the UK Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone 0044 300 1239123 or email complaint.info@financial-ombudsman.org.uk

Bank of Scotland plc. Registered in Scotland No. SC327000. Registered office: The Mound, Edinburgh EH 1YZ. Bank of Scotland plc is authorised and regulated by the Financial Services Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. Bank of Scotland plc is entered in the FSA’s Register and its Register No is 169628.

Telephone calls may be recorded to confirm instructions given and for quality control and training purposes.
Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised and regulated by the Financial Services Authority in the United Kingdom. Bank of Scotland plc is entered in the FSA's Register and its Register No. is 169628.