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 Carol Thomas

14:38 PM, 16th October 2013, About 8 years ago

Reply to the comment left by "Mark Alexander" at "16/10/2013 - 11:10":

Just finished reading two articles from The Telegraph - one you highlighted and an earlier one on the same subject. Within the reader's comments was this little gem about banks in general. Makes very amusing reading in light of our campaign. Hope it isn't true though.

http://tiny.cc/xlu14w

by GHH 64

22:06 PM, 27th October 2013, About 8 years ago

My specific interest is in Bank of Ireland & I am interested in that particular action.

Can I make a suggestion?

BoI is currently withdrawing from business & commercial banking in GB & focusing on its 'retail' business including mortgage lending via the BOI /Post Office Joint venture
- this is as a direct result of a change to EC State Aid package (I wonder what the proceed is for ordinary citizens to object to such changes- something for another !day

Perhaps a useful lobbying tactic would be to tackle the Post Office at senior level, my understanding is that there is cross representation on their respective boards
-PO are very protective of their own perceived status as the 'most trusted brand on the high street'
- also Federation of Sub-Postmasters as it is through their premises that a lot of BOI promotional material is distributed & I don't think they get much of a financial turn but will get all the flak in future
It would be interesting to see whether the offending clause which BOI is relying on is included in new mortgages originated via the PO JV.
If it is then the PO should be asked for their opinion on the fairness/efficacy of this clause
- if on the other hand it does not then BOI needs to be asked why not?
BOI has a large portfolio of Euro tracker mortgages in its Republic of Ireland business but does not appear to be imposing similar rate increases there - either the same clause is not in its mortgages there or there is a political reason for not doing anything -hence question above - what about trying to involve the EC & objecting to restructuring of State Aids on the basis of discrimination against UK customers?

by GHH 64

20:34 PM, 28th October 2013, About 8 years ago

My specific interest is in Bank of Ireland & I am interested in that particular action.

Can I make a suggestion?

BoI is currently withdrawing from business & commercial banking in GB & focusing on its 'retail' business including mortgage lending via the BOI /Post Office Joint venture
- this is as a direct result of a change to EC State Aid package (I wonder what the procedure is for ordinary citizens to object to such changes- something for another day !

Perhaps a useful lobbying tactic would be to tackle the Post Office at senior level, my understanding is that there is cross representation between BOI & PO on their respective boards
-PO are very protective of their own perceived status as the 'most trusted brand on the high street'
- also Federation of Sub-Postmasters as it is through their premises that a lot of BOI promotional material is distributed & I don't think they get much of a financial turn but will get all the flak in future
It would be interesting to see whether the offending clause which BOI is relying on is included in new mortgages originated via the PO JV.
If it is then the PO should be asked for their opinion on the fairness/efficacy of this clause
- if on the other hand it does not then BOI needs to be asked why not?
BOI has a large portfolio of Euro tracker mortgages in its Republic of Ireland business but does not appear to be imposing similar rate increases there - either the same clause is not in its mortgages there or there is a political reason for not doing anything -hence question above - what about trying to involve the EC & objecting to restructuring of State Aids on the basis of discrimination against UK customers?

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