14:09 PM, 1st May 2013, About 9 years ago
We appointed Justin Selig to advise thousands of landlords and residential mortgage borrowers across the UK on the day that news broke of the Bank of Ireland intentions to increase the differential on tracker rate mortgages to 4.49%. For some borrowers this means an increase in monthly payments of over 200% starting from today.
Over 16,000 people have read our forum page at the time of writing this article and press including the BBC have used the forum to make contact with affected borrowers.
Property118 used funds raised through The GOOD Landlords Campaign to underwrite the costs associated with Justin Selig obtaining legal opinion on the Bank of Ireland plans from a high profile banking barrister. Thanks to the number of borrowers who have signed up to obtain professional advice as a group from Justin Selig, our commitment to underwrite the costs of the legal advice has now been released. The GOOD Landlords Campaign funds can now be deployed elsewhere for the purpose of sharing best practice amongst landlords and letting agents.
Counsels opinion came back completed yesterday and amounted to 50 pages of advice.
The prognosis looks very positive for affected borrowers, particularly for home owners and buy to let borrowers with other occupations.
In the next few days Justin Selig will be writing to every person who has expressed an interest in Class Action and instructed him to provide professional advice. Costs to date are just £100 plus VAT per borrower. Advice will include a template and covering letter to make a formal complaint to the Financial Ombudsman based on Counsels opinion of the legalities of the case. A two page summary of Counsels advice will also outline details of options for action for various categories of borrowers. I have had the privilege of reading the two page summary document and it is very clear in terms of direction.
It is not too late to express an interest in the Class Action.