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This could be a historic day for all Buy to Let Landlords!
The case of MARK ROBERT ALEXANDER (as representative of the “Property 118 Action Group”) Claimant – and – WEST BROMWICH MORTGAGE COMPANY LTD Defendant will be at 10 am on Thursday 28th April 2016 at Royal Courts of Justice, Strand, City of Westminster, London, UK.
To fight the case a legal action fund of well over £500,000 was raised via Property118.com by landlords affected by the tracker rate hike.
The case has widespread implications on the basis that other lenders with similar clauses in their mortgage contracts may also choose to vary their tracker rate margins if the appeal is unsuccessful. Previously, Bank of Ireland had also increased some tracker mortgage rate margins but insufficient funds were raised to take the legal challenge all the way to Court.
Mark Alexander said “we are bringing out the big guns now that we are at the Court of Appeal. We hadn’t raised enough money to do that in the early stages of this legal battle but our legal team has now been strengthened with the addition of Michael Ashcroft QC, who is responsible for much of the case law that our case is reliant upon”
Mark Alexander, who is the founder of Property118.com and lead claimant is this case is asking all landlords to spread the word and to bring as much press attention to this case as possible. Win or lose in Court the negative publicity alone could make other lenders think twice about any plans they may have had to follow suit.
The action requested from all readers of this article is to …
To read more about the case please follow THIS LINK
— Mark Alexander (@iAmALandlord) April 8, 2016
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