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 Devon Landlords

11:45 AM, 27th September 2013, About 8 years ago

Reply to the comment left by "Mark Alexander" at "27/09/2013 - 11:31":

What is the maximum you can claim via small claims? I have 2 BtL mortgages with West Brom approx. increases of £200 pcm & £300 pcm. 14 years remaining on each mortgage.

by Helen Landlord

11:47 AM, 27th September 2013, About 8 years ago

Reply to the comment left by "Peter Cole" at "27/09/2013 - 11:45":

£10k though small claims

by Mark Alexander

11:48 AM, 27th September 2013, About 8 years ago

Reply to the comment left by "Helen Holterman" at "27/09/2013 - 11:47":

I concur, £10k
.

by Ed Atkinson

11:50 AM, 27th September 2013, About 8 years ago

Mark

We do not actually have BoI or West Brom trackers but support the class action to prevent other banks following suit. Can you clarify something for people in our category.

If the class action is successful then the BoI or West Brom will win directly and so get their money back. But will supporters like us also get refunded, using the payment of costs suffered by the losing bank?

by Mark Alexander

12:10 PM, 27th September 2013, About 8 years ago

Reply to the comment left by "Ed Atkinson" at "27/09/2013 - 11:50":

Thank you Ed.

I would also like to thank you in open forum for the work you are doing behind the scenes.

Your supportive email to the press and various landlord groups are very much appreciated.

I would like to think others will follow your lead as there is only so much I can do myself.

Cross over will do no harm whatsoever as we are coming from different angles, i.e. you are speaking as an effected consumer recommending they talk to me, mention the Property118 campaign in their newspapers and link their articles to this page from their websites. The additional pressure on the media could just reinforce the importance of this.
.

by Rob

12:42 PM, 27th September 2013, About 8 years ago

So if ALL the lenders increased there margins in this way the only people that would benefit from a base rate of 0.5% would be the government. Sounds about right to me. Maybe this was the hot topic at the last bilderburg meeting!

by Helen Landlord

13:08 PM, 27th September 2013, About 8 years ago

Reply to the comment left by "Rob walsh" at "27/09/2013 - 12:42":

Rob you could well be right:-)

by Gary Nock

13:24 PM, 27th September 2013, About 8 years ago

If the procedure in Small Claim is the same as when you go to LVT at the same time then the Court waits for the LVT. So SCC may wait for FOS decision. If the FOS rules for us then they may order compensation in excess of the 10k limit. If FOS rules against us this would probably impact on small claims cases and possibly the Class Action

by Ed Atkinson

14:25 PM, 27th September 2013, About 8 years ago

Reply to the comment left by "Mark Alexander" at "27/09/2013 - 12:10":

Yes, let's all get behind Mark in this, it's in all our interest. I'm not directly affected ... yet.

Please raise the concern with your landlord group and post comments on other forums (should that be "fora"?!) Eg,try a Google search on “West Bromwich Building Society” and click the Google News tab (sometimes under the “more” button)

[Mark - I guess regarding the question of returning contributions if the class action succeeds; it's a bit tricky to answer at this stage, but you will answer in due course.]

by Mark Alexander

14:52 PM, 27th September 2013, About 8 years ago

Reply to the comment left by "Ed Atkinson" at "27/09/2013 - 14:25":

Thanks Ed, and when we know what the required contribution will be, how it will be paid and administered etc. I will be able to answer your question about refunds 🙂


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