Evicting tenant with baby and wants to be evicted?8:50 AM, 23rd September 2018
About 4 hours ago 5
Was it your understanding that interest rates on lifetime tracker mortgages or reversion tracker rates can only vary when the Bank of England base rate moves?
There are now plenty of angry borrowers out there, 6,700 in clients of the West Bromwich Building Society and a further 12,200 clients of Bank of Ireland are already affected. These lenders have decided to increase their profit margin by increasing the interest rates regardless of the fact that the Bank of England base rate has not changed. They are relying on ambiguous small print in their contracts, which is in conflict with their promotional materials and offer letters.
It appears a strong possibility that other lenders may follow suit and many now feel that this unethical practice should be stopped before other lenders make their decisions.
A Class Action group has formed to fight back. Those already affected are confident that the law is on their side, in particular due to established legal precedent that ambiguous or self-contradicting contracts must be interpreted in a way that benefits the customer (termed “contra proferentem”).
The Class Action is receiving support from many tracker mortgage borrowers in addition to affected customers of the West Bromwich Building Society and the Bank of Ireland.
People affected by the West Bromwich Mortgage Company decision are buy to let landlords, however, Bank of Irelands increases also apply to residential mortgage borrowers. Fears are that other mortgage lenders which have provided tracker mortgages could follow suit.
Property118.com have more information on their Property Forum
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More