The consumer group has created a guide for angry borrowers to complain directly to the bank.

Which? executive director Richard Lloyd said:

“Burying such important changes in the small print is wholly unfair. Bank of Ireland is taking advantage of its customers by hiking rates at a time when the Base Rate is static.

“Customers should complain if they were led to believe they had bought a ‘lifetime’ mortgage and Bank of Ireland must deal with these complaints quickly and fairly.

“The Financial Conduct Authority must make sure all banks communicate important clauses to their mortgage customers, and the Government must ensure that the Consumer Rights Bill offers greater protection from unfair terms and conditions.”

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Bank of Ireland will raise interest rates for buy-to-let and some residential borrowers on certain tracker mortgages on 1 May 2013 to base rate plus 4.49% and base rate plus 3.99% respectively.

Last week, fifty landlords planning a class action against the Bank of Ireland were given the go ahead from a barrister to challenge the rate rise.

The lawyer leading the case, Justin Selig, advised litigants paying the increased amount to write to the bank explaining the payment was made without prejudice to a proposed claim for damages against them.

Borrowers could also cancel their direct debit and replace it with a standing order for the original rate but risked tarnishing their credit record and legal action from the bank, he said.