We go to court tomorrow – wish us Luck! (West Brom Tracker Case)

by Property 118

9:09 AM, 27th April 2016
About 3 years ago

We go to court tomorrow – wish us Luck! (West Brom Tracker Case)

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We go to court tomorrow – wish us Luck! (West Brom Tracker Case)

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. West Brom Tracker Judgement

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 …

  1. Share this article on Social Media
  2. Leave a comment in the discussion thread below advising which Newspaper(s) you will be encouraging to report on this case. If lots of people make contact with the same newspapers that’s a good thing because the editors will soon realise this case has wide interest.
  3. Actually contact the Newspapers. Not just a quick email but follow up with calls, more email and whatever else it takes to persuade them to publish an article.

To read more about the case please follow THIS LINK



Comments

Jan Martin

9:45 AM, 27th April 2016
About 3 years ago

Wishing you all the very best of luck x.

Dr Rosalind Beck

9:47 AM, 27th April 2016
About 3 years ago

Good luck, Mark. And well done for taking this on on behalf of so many landlords.

Jo North

14:11 PM, 27th April 2016
About 3 years ago

Good Luck, and well done for your courage to take on the financial institutions. It is very much appreciated.

David redmond

14:11 PM, 27th April 2016
About 3 years ago

What will happen if we win cause I've got a few mortgages with west brom which increased quite a bit in the last 18 months would it go back down as it was before or could you get compensation

Maurice Kifford

14:40 PM, 27th April 2016
About 3 years ago

Good luck tomorrow Mark. Hope everything goes well, fingers and toes all crossed for you.

Mark Alexander

14:49 PM, 27th April 2016
About 3 years ago

Reply to the comment left by "David redmond" at "27/04/2016 - 14:11":

If we win and you are represented in the case (ie you paid to be represented) then yes, your rate will go back down and you will get all over payments back.

If you didn't contribute to the case then it depends on whether Wedt Brom decide to be home rouble or not. Given that their future is highly dependent on the rate rise and that they haven't got a reputation of being home rouble then you will just have to wait and see.
.

Jon Pipllman

17:14 PM, 28th April 2016
About 3 years ago

I expect Mark will update properly in due course, but he has recently tweeted that there will be no verdict today

https://twitter.com/iAmALandlord

Michael Barnes

9:41 AM, 29th April 2016
About 3 years ago

Reply to the comment left by "Mark Alexander" at "27/04/2016 - 14:49":

"Home rouble"?
Is this some foreign idiom that you have picked up, or am I just very out of touch?


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