ACT NOW to protect the margin on your YOUR tracker mortgage

ACT NOW to protect the margin on your YOUR tracker mortgage

13:57 PM, 24th September 2013, About 8 years ago 123

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Help us to protect YOUR tracker marginsIf you have a tracker mortgage you may be forgiven for thinking that your mortgage payments will only change when the base rate changes. 

Just suppose you open your post one day to find that your mortgage lender has decided to increase the tracker margin by a couple of percent!

Sounds unimaginable doesn’t it?

Well it isn’t, and you could be next!

This shocking news was recently delivered to 6,700 customers of the West Bromwich Building Society. What’s more, this is not something new, 13,500 Bristol & West and Bank of Ireland Mortgages customers received exactly the same treatment in February 2013.

Outraged? Their customers certainly were!

Could you be next???

West Brom stand to make an extra 19 million pounds a year if they get away with this. How much will your mortgage lender stand to make when they decide to do the same thing? It’s a big incentive for them isn’t it, especially if they think they are unlikely to be challenged due to the inability of landlords to raise the required funds to put up a fight.

If a group of named landlords decides to fight this in Court the claims will typically be for the value of the increase over the remaining term of the mortgage. By way of example, if your mortgage increases by £150 a month and you have 18 years to run on your mortgage your claim for damages would be £32,400.

We need to raise awareness if we are to raise the money to fight the test case

There are 6,700 affected borrowers with West Bromwich Building Society and a further 13,300 affected by bank of Ireland already. However, that doesn’t mean raising the required level of funding will be an easy task to achieve. Many of these people will never get to hear about this campaign and that’s where you come in. You may or may not be affected today but what about next week, next month or next year? To discourage your lender to follow the lead of WBBS and BoI and increasing your tracker margins we need to convince them they will have a fight on their hands if they do! Knowledge of our intentions will also act as a deterrent to other mortgage lenders due to the huge commercial risks associated with the potential for thousands of compensation claims running into hundreds of millions.

YOU can make a difference

Whether you are directly affected now or not, we urge you to help promote this campaign. The sooner we can raise enough interest, the sooner we can raise the money to commence litigation and stop this profiteering in its tracks. Please talk to your friends about this campaign and ask them to sign up. Please email a link to this discussion, share it on your Facebook, Tweet it, blog about it, post links on forums – SHOUT IT FROM THE ROOFTOPS!

Your wealth is at risk if you choose to ignore this message!

Please get involved and support this campaign by completing the form below.


by Andy Boothman

18:20 PM, 1st October 2013, About 8 years ago

I've just joined the forum 20 minutes ago and want to contribute to the class action fighting fund, how can I do this?
I registered with the small class action form but am not clear on how I pay my contribution to it?
Do I just make a donation to the forum or is there a specific link or way to pay money into the fighting fund itself?
Please advise when you can and I'll transfer my money over.

If the contract is a fair one between twoequal parties can i write back to West Brom and say that due to general market conditions and in order to maintain my financial affairs prudently I've decided to reduce the interest rate that I pay them above base from 0.99% to 0.1% and that from Dec 31st the overall rate will drop to 0.6%. If I can't then whay can they?
Best Regards,
Andy B

by Mark Alexander

18:33 PM, 1st October 2013, About 8 years ago

Reply to the comment left by "Andy Boothman" at "01/10/2013 - 18:20":

At this stage we are not asking for any more money. Our objective is to build a huge list of supporters. When we have a clear indication of all costs and we know how many people are interested we will have a far better idea of how much we will need to ask each person to contribute. For indicative purposes, we are hoping that enough people will register an interest to keep the cost per person to less than £200 each. The more people we get signed up, the cheaper it will be. Please note that completing the Class Action Registration Form below is not contractually binding, it is merely an expression of interest and an agreement in principle on your part assist in the funding of the case subject to the costs and risk being clearly identified and, of course, being acceptable to you.

by Sam Collett

11:18 AM, 2nd October 2013, About 8 years ago

Mark, have just seen this article - looks like FCA are going to get involved (hopefully!)

by Mark Alexander

17:20 PM, 2nd October 2013, About 8 years ago

We now have 700 expressions of interest in the Class Action, of which 400 relate to WBBS accounts.

If you have registered you should receive an email from Justin Selig within the next 24 hours.

In the meantime, the link below takes you to the body text of the email you will receive from Justin.

by Ed Atkinson

17:37 PM, 2nd October 2013, About 8 years ago

Reply to the comment left by "Mark Alexander" at "02/10/2013 - 17:20":

Hi Mark

Justin's text does not cover people who are not customers of W Brom.

He also doesn't mention whether W Brom customers should write to W Brom to lodge an initial complaint, which I think is the first step towards a later Ombudsmen compaint. (From my memory of the Telegraph article)



by Mark Alexander

17:46 PM, 2nd October 2013, About 8 years ago

Reply to the comment left by "Ed Atkinson" at "02/10/2013 - 17:37":

Hi Ed

Everybody who registers should receive an auto responder email from me with a link to the complaint letter template article.

We are keeping our powder dry in terms of soliciting financial support from unaffected borrowers at this stage. Obviously we want them to register and we will call upon their support if and when it is needed. They are our battle reserves and we still need to recruit as many of them as possible.

by Lucy McKenna

18:03 PM, 2nd October 2013, About 8 years ago

Hi, have received letter from Justin, in it there is no mention of BOI. I am only a BOI customer. Is it to be a joint BOI, West B. case or should I just substitute the words BOI whenever it says West B. It does seem unlikely that one court case could include 2 separate building societies.

by Mark Alexander

18:48 PM, 2nd October 2013, About 8 years ago

Reply to the comment left by "Lucy McKenna" at "02/10/2013 - 18:03":

As the person responsible for organising the sending of the emails I must take that one on the chin as it was obviously sent in error because I forgot to filter out the BoI and non-affected enquirers.

However, you now have Justin's contact details, please liaise directly.

by Lucy McKenna

20:18 PM, 2nd October 2013, About 8 years ago

Reply to the comment left by "Mark Alexander" at "02/10/2013 - 18:48":

No probs. Mark, thanks. Will do. L

by Bernadette Lloyd

9:30 AM, 4th October 2013, About 8 years ago

I have received a letter from West Brom and have signed up to join the class action. There are so many comments (really great) but I don't know what I need to do next. I assume something will be emailed to me?

We've had our mortgage since August 2006 and the "reasons" they are using for putting up the rate is only referred to in the "information you need to know about your mortgage" and not the offer letter. In fact the offer letter talks more about making sure you can manage your mortgage if the interest rates actually go up - I guess they did not think they would go down so far and stay down for so long.

I'm telling everyone about this and encouraging them to join.


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