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 Seething Landlord

17:34 PM, 24th September 2013, About 8 years ago

Mark, what is the basis of the proposed claim? I would have expected the lenders to be pretty sure of their ground before dropping this bombshell.

by Jay James

17:37 PM, 24th September 2013, About 8 years ago

I've read some, not all of the three forums on the topic.

Is it being suggested that any BTL tracker could have the margin over base rate increased (depending on what terms are in the mortgage contract)?

Is the same being suggested for owner occupier tracker mortgages?

by Mark Alexander

17:41 PM, 24th September 2013, About 8 years ago

Reply to the comment left by "Seething Landlord" at "24/09/2013 - 17:34":

The basis of the claim will include but not be limited to:-

1) unfair contract terms

2) Regulations concerning the principles of Financial Promotions being "clear, fair and not misleading"

The barristers opinion for the BoI case is over 30 pages long and identifies several additional technical legal breaches.

by Mark Alexander

17:45 PM, 24th September 2013, About 8 years ago

Reply to the comment left by "Jay Jay" at "24/09/2013 - 17:37":

Jay Jay

The answer to both of your questions is yes.

It's not just being suggested though, Bank of Ireland implemented this in June this year having given notice to borrowers in late February.

by Jay James

17:48 PM, 24th September 2013, About 8 years ago

Reply to the comment left by "Mark Alexander" at "24/09/2013 - 17:45":

In which case it's time for consumer protection groups to be actively involved.
- -
Yea, read about BOI the bleeps!

by Kirsty McGregor

19:37 PM, 24th September 2013, About 8 years ago

Reply to the comment left by "Ray Davison" at "24/09/2013 - 17:25":

Hi Ray

There's no way we'll be able to get hold of that data for individuals who've taken mortgages - it's heavily protected by a combination of both the data protection & consumer credit acts. It would possibly be available for limited companies, as there will be charges registered at Companies House - although just because they had a charge registered by Bank of Ireland (for example), it doesn't mean necessarily that the borrowing was for a residential property mortgage.


by neils26

20:08 PM, 24th September 2013, About 8 years ago

The biggest lender is mx. Can we get a legally binding commitment from them, to say that under no circumstances will that tax payer owned organisation ever attempt to ripoff their tax payer customers in this way ?

by Mark Alexander

21:22 PM, 24th September 2013, About 8 years ago

Reply to the comment left by " " at "24/09/2013 - 20:08":

I very much doubt it Neil, please read this thread and you will begin to better understand that particular organisation and their motives >>>

The objective for MX is to repay the tax payer, if they bankrupt a few thousand landlords in the process we will just be seen as casualties of war by the tax payers.

I have no doubt that MX will be watching the outcome of what happens VERY closely.

by Paul Norris

23:33 PM, 24th September 2013, About 8 years ago

I wonder does anyone realise that Skipton BS did a similar thing 3years ago.
They changed their standard variable from 3%+BOE to 4.45%+BOE sighting some small print in the mortgage contract that they said allowed them to change the mortgage conditions under extreme conditions. This coincidentally happened just as thousands of BTL landlords came to the end of their fixed rates, I was one of them.
It's also an interesting coincidence that one of the top executives at Skipton was also one of the executives responsible for the downfall of the Halifax.
Skipton are a bunch of **MODERATED** and now I know what the BS at the end of these mutual's titles stands for. Good luck with the action, it might mean we can Litigate against Skipton as well if you win a test case!

by Rob

2:56 AM, 25th September 2013, About 8 years ago

Am i correct in saying that regardless of who the lender is this still only applies to mortgages and re mortgages taken out before 2004?

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