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

11:29 AM, 28th September 2013, About 8 years ago

Hi Mark
I have just posted this comment on This is Money

EdA - Well said! I too have been following Property118 and they have some interesting things to say, as you point out. This web site is mainly for landlords, BUT whatever a building society/bank can get away with they will pass on to any and all tracker loans. I have a brilliant tracker rate on my personal mortgage and have been paying off my mortgage as much as possible. If they get away with it once, they will hit EVERYONE! Go on to Property118 and read all about it. Signing on to the supporters list costs you nothing and may be the best investment you have ever made. DO IT NOW!!!

Might get a few more signing on with a bit of luck! Cheers and best wishes, Carol

by Denise G

11:34 AM, 28th September 2013, About 8 years ago

not sure my comments are making it through?
I just spent an age writing a bit about my own developing situation having received a 2nd WBBS letter today raising the rate on our other BTL tracker with them (not held as tenants in common but in my own name only) and questioning the ethics of the methods they are using to gain information about us and our business - did it make it through??

by Gary Nock

12:05 PM, 28th September 2013, About 8 years ago

Denise make sure you put the verification number in and confirm you are "not a spammer" and the comnent should appear.

by Ed Atkinson

12:46 PM, 28th September 2013, About 8 years ago

Reply to the comment left by "Denise Doms" at "28/09/2013 - 11:45":

Denise, I note that you did post this morning on

http://www.property118.com/west-brom-building-society-to-increase-btl-tracker-margins-by-2/43657/comment-page-8/#comments

Is that where it vanished to?

by Denise G

14:21 PM, 28th September 2013, About 8 years ago

Reply to the comment left by "Ed Atkinson" at "28/09/2013 - 12:46":

yes it is!!

by Lee Gough

9:58 AM, 29th September 2013, About 8 years ago

Hi Mark,

Thanks for all your hard work. I can’t register again as I registered when I did Bank of Ireland and my details are the same. Please can you tell me where to send my money £100? Would it be an idea to have a PayPal button?

Kind Regards Lee

by JOGL

12:21 PM, 29th September 2013, About 8 years ago

Hi all, we are new to this website and joined as a result of looking into the implications of the increase of West Bromwich's tracker rate. I believe that it is crucial to establish a fighting fund to challenge this likely blatant breach of contract. We are not effected by this lender but precedent is all as we have 20+ with MEX and more with TMW. The cost of the proposed increase in the tracker rate if extrapolated across other lenders would be dwarfed by contributions levied for a fund. However Councel's opinion would have to be obtailned as to the likelyhood of success (for WB) first and that likelyhood would not necessarily apply to other lenders. The contribution should really be linked to the number of mortgages concerned. Insofar as breach of terms is concerned the small print in the T&Cs is pertiment. I, as with my usual efficiency can't come across a single booklet for MEX or TMW! - does anyone I wonder have any with the relevant section(S) that might constiute a risk warning?

by Darren Spain

15:21 PM, 29th September 2013, About 8 years ago

#MortgageMugging
First they came for the Bank of Ireland 'buy to let' landlords,
and I didn't speak out because I wasn't a Bank of Ireland customer.
Then they came for the West Bromwich Building Society landlords,
and I didn't speak out because I didn't have my tracker mortgage with them.
Then they came for all the 'buy to let' landlords,
and I didn't speak out because I wasn't a landlord.
Then as an owner-occupier with a tracker mortgage they came for me,
and there was no one left to speak for me.

by Theodore Brown Property Management

15:32 PM, 29th September 2013, About 8 years ago

'Mortgage Mugging'
First they came for the Bank of Ireland 'buy to let' landlords,
and I didn't speak out because I wasn't a Bank of Ireland customer.
Then they came for the West Bromwich Building Society landlords,
and I didn't speak out because I didn't have my tracker mortgage with them.
Then they came for all the 'buy to let' landlords,
and I didn't speak out because I wasn't a landlord.
Then as an owner-occupier with a tracker mortgage they came for me,
and there was no one left to speak for me.

by David Owen

20:04 PM, 29th September 2013, About 8 years ago

Reply to the comment left by "Theodore Brown Property Management" at "29/09/2013 - 15:32":

I have registered already I have four mortgages with Westbrom mortgage company and one with Westbrom building society. The four state the rate is .99% until term end with no reference to terms and conditions beyond the offer document. The one with Westbrom building society interestingly didn't track down with the base rate but stayed at I believe 5.49%. I never received a "booklet" with any offer. When I queried this I was told I should have requested one at the time. However as no reference was made to it why would I. I have moved all my substantial savings from the Westbrom and advise everyone to do the same. I am also now looking to pay off the high rate Mortgage. A small protest but one that will negate the gains they seek to make out of me. We have all gained out of Westbroms ineptitude at offering this rate in the first place. But however inept it was, whether they like it or not, it was a contract. I am more than happy to contribute. It's time these people got the message that we will no longer pay for their mistakes.

Finally there was a good article about this in the times money section today. Thank you for starting this action.


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