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.



Comments

by Neil Patterson

15:27 PM, 9th October 2013, About 8 years ago

Please can everyone read Mark's latest article http://www.property118.com/contra-proferentem-mortgage-conditions/44061/

by Mark Alexander

12:57 PM, 10th October 2013, About 8 years ago

Hello All

I need some help please.

I have a list of all Landlords Association in the UK.

They all need to be contacted by telephone with a request for their help. What we want them to do is email their entire membership telling them about our campaigns.

Below is a list of all Landlords association, each is linked to their website where you can obtain their contact details.

Below that list I have created a template email for them to send to all of their members.

I have run out of time as I'm off to the French Riviera now to celebrate my first wedding anniversary. I also desperately need to take a break!

I need a few volunteers to tackle this project in my absence. There may be some overlap but this could be a good thing as the Landlords Associations will see the importance of the campaigns if they receive multiple telephone calls.

Any takers?

Suggested email template for Landlords Associations to send to their members.

Dear Member

Was it your understanding that interest rates on lifetime tracker mortgages or reversion tracker rates can only vary when the base rates moves?

There are now plenty of angry borrowers out there, 6,700 in clients of the West Bromwich Building Society and a further 12,200 clients of Bank of Ireland are already affected as these lenders have decided to increase their profit margin by increasing the interest rates regardless of the fact that the Bank of England base rate has not changed. They are relying on ambiguous small print in their contracts which are also contra proferentem in that promotional materials and contractual conditions are conflicting.

Which lenders will be next to follow suit?

Do you agree this unethical practice must be stopped before other lenders cotton on to this?

We are writing to you to let you know that a Class Action group has formed via the Property118 online forum to fight back.

For more information please visit http://property118.com
.

by Rachel Weaver

14:25 PM, 10th October 2013, About 8 years ago

I have just recieved a reply from West Brom to my complaint letter with a thinly veiled threat that "demand for full repayment of the loan can be made by giving one month's notice". HELP!

by Rachel Weaver

14:28 PM, 10th October 2013, About 8 years ago

I have just received a reply from West Brom to my complaint letter with a thinly veiled threat that "demand for full repayment of the loan can be made by giving one months notice" - What happens if they go down this route?? HELP!

by Mark Alexander

14:49 PM, 10th October 2013, About 8 years ago

Reply to the comment left by "Rachel Weaver" at "10/10/2013 - 14:28":

Rachel - fear not, we've already debated that one to death and you have nothing to worry about. It's all on the West Brom thread from this comment onwards >>> http://www.property118.com/west-brom-building-society-to-increase-btl-tracker-margins-by-2/43657/comment-page-22/#comment-29421
.

by Andy Boothman

14:15 PM, 14th October 2013, About 8 years ago

Mark,
Can you or Justin advise how much class action money you have in so far.
I want to send my £240 (am out of country till next weekend so cannot post papers and files till then)
Thanks,
AndyB

by Kirsty McGregor

16:41 PM, 14th October 2013, About 8 years ago

Reply to the comment left by "Mark Alexander" at "10/10/2013 - 12:57":

Sorry Mark I've only just seen your request for help - did anyone do it? And if not, I'd be happy to.

by Mark Alexander

10:44 AM, 16th October 2013, About 8 years ago

Superb article and some great News in The Telegraph today with several mentions for Property118. The reporter, Nicole Blackmore, is proving to be a superb advocate - see >>> http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10381130/Watchdog-to-probe-tracker-mortgage-rate-rises.html

by Andy Boothman

10:51 AM, 16th October 2013, About 8 years ago

Mark,

Can I ask how much money was used up with the BOI fund before it stalled? I want to pay in to the West Brom fund now but am concerned the same may happen as with the BOI. I know lessons have been learned and hopefully more people and a bigger pot will be created for West Brom to give us more chance but I'm trying to understand if there is anything intrinsic to what was sought with BOI that is the same with West Brom. We don't want to end up with the same type of 'whitewash' crappy response from the FCA . Do you think the approach with the West Brom is sufficiently different from BOI to give a better chance of success?

Many thanks,

AndyB

by Mark Alexander

11:10 AM, 16th October 2013, About 8 years ago

Reply to the comment left by "Andy Boothman" at "16/10/2013 - 10:51":

Hi Andy

Around £10,000 was raised, most of which paid for the Counsels opinion and the submissions to the FOS, FCA and the OFT along with general correspondence and Justin's time reviewing papers.

Please note that we have used the word "stalled" as opposed to failed or scrapped. We decided to suspend calls for funds whilst we re-grouped following the initial knockback from the FCA. Since then the news from the West Bromwich Building Society came to light and has fuelled the fire again. We expect massive support when we re-open the registration for borrowers affected by the BoI decision. Also, have you seen the News reported in The Telegraph today (link above) and also the update article I published yesterday (link below)?
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