Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 4 weeks ago 47
I would appreciate your thoughts on the following Mortgage Express conspiracy theory.
As we know, Mortgage Express is run by UK Asset Resolution who are tasked with recovering as much money as possible for the tax payer.
If UKAR were to increase tracker margins for Mortgage Express customers, to a point where most landlords were to default on their mortgages, UKAR would be in a position to appoint LPA receivers. This would not affect the number of properties in the PRS but it would mean that a centralised body, controlled by the Government, would control a huge section of the PRS. In turn, that would create jobs in the public sector, it would mean that Jo Public wouldn’t have to deal with rogue landlords and letting agents to anywhere near the same extent and it would also provide a better opportunity for recovery of tax payers funds.
Apart from landlords, can you imagine tax payers not supporting such a scenario?
As I see it, the clock is ticking and landlords only have so much time to diffuse this bomb. The success of a Class Action against West Bromwich Building Society or Bank of Ireland could prevent the above. If a test case isn’t won before the above scenario comes to pass then I’m afraid the PRS as we know it may be doomed.
Property118 is leading a Class Action group to fight back by taking a test case to Court if necessary to prove once and for all that amending the margin on a tracker rate mortgage is breach of contract. If you are worrying whether your mortgage lender will follow the lead of Bank of Ireland or West Brom please READ THIS and complete the form below to support this campaign.
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