West Bromwich Building Society Tracker Margins Legal Action
Are you affected by the West Brom Tracker Rate Hike?
If your mortgage account number begins with the number 8 you are highly likely to be one of the unlucky 41% of the mortgage customers of the West Bromwich building Society with a West Bromwich Mortgage Company account affected by the 1.9% increase in your tracker margin rate. However, if you arranged your mortgage directly with West Bromwich Building Society (i.e. not via a broker) or before 2006 the chances are that your account number will begin with the number 9 and you are not affected – YET!!! West Brom will give no assurances that mortgages with account numbers beginning with the number 9 will not be affected at some point in the future.
OUR INTENDED CLASS ACTION LITIGATION OVERVIEW
The reasons we started this campaign are very simple:-
1) We believe the actions of West Brom are immoral
2) We believe the actions of West Brom are unlawful, i.e. they have no legal grounds to increase their tracker rate margins
3) We have no wish to subsidise other areas of the West Bromwich Building Society business model
4) We are fearful of other lenders following suit if West Brom are allowed to get away with this
Mark Smith (Barrister-At-Law) said …
“Representative actions, where one person starts a case representing many others, who all want the answer to a legal question from a court such as ‘is this contract enforceable against me?’ but are not seeking damages. All those who sign up to the action will get the benefit of the win, but they do not have to start their own cases, as they are ‘represented’ by the lead claimant.
The only people who will definitely benefit from success in the case are those who have signed up. There will be no free rides. Any others will have to fight their own corners individually, either alone or with legal help (which will inevitably cost significantly more than the group case).”
We will NOT settle on any basis.
We have a moral duty to do what is right for those who support the values upon which this campaign was started. Our promise to all who support these values is that we will not sell out on you at any price. We will continue to fight this injustice and we will fight any other lender who tries to follow suit.
Are you with us?
This discussion thread is now closed – we’re off to Court!
To link to the new discussion please CLICK HERE
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Member Since October 2013 - Comments: 49
9:20 PM, 3rd November 2013, About 12 years ago
Dean see comments from Holly O’Sullivan, this would indicate that there was one terms and conditions book that applied to all mortgages.
Thank you for your email.
I would like to confirm that the applicable section (section 5) was included in the terms and conditions for all lending in 2007. The choice made to apply the change to customers who are deemed as a landlord of multiple properties is a business decision.
In addition I would like to confirm that section 12.1 point 5 states
that you will occupy the property and you will use it only as a single private dwelling house and that you will not allow anyone other than you and your immediate family (as a single household) to live there unless we otherwise agree in writing
This does not state that you would be provided with a specific letter as you have stated. However, having reviewed the documents that were provided to you prior to inception, I believe that it is clear that we have agreed in writing for the use of the property to be buy to let.
Yours sincerely
Holly
Holly OSullivan
Customer Relations Officer
Member Since October 2013 - Comments: 386
9:50 PM, 3rd November 2013, About 12 years ago
Reply to the comment left by “ROSEMARY BOSWORTH” at “03/11/2013 – 21:20“:
Yes I understand there was one booklet. My point is , was the clause 5 referred to in a different type of mortgage offer /loan. .?
Ie. if someone has documents that refer to clause 5 in the offer letter or loan agreement it would suggest that clause 5 was meant for tat type of mortgage. Ie. a standard variable mortgage.
Comments: 22
7:25 AM, 4th November 2013, About 12 years ago
I still need some guidance to help please.
I am not affected by WB or BOI but am a concerned BTL landlord.
I remain willing to donate £100 to the cause but want to be kept fully advised /involved and am not sure where to donate it to achieve this.
I also propose writing to my MP (in my own terms, the standard letter doesn’t seem to apply) but am not sure which other bodies I should be writing to for maximum effect.
Ken Rose
Member Since January 2011 - Comments: 12196 - Articles: 1396
8:23 AM, 4th November 2013, About 12 years ago
Reply to the comment left by “Ken Rose” at “04/11/2013 – 07:25“:
Hi Ken
Please make your donation to the marketing fund, you will then be kept up to date and invited to attend open meetings and Press Conferences as and when they are organised.
.
Comments: 22
8:37 AM, 4th November 2013, About 12 years ago
HI Mark,
I know I’m being thick but I just want an address I can send a cheque to, or a way of making a PayPal donation
Thanks, Ken
Comments: 22
8:42 AM, 4th November 2013, About 12 years ago
Sorry Mark, have now managed it through the link that flashed up when I posted.
Good luck
Member Since January 2011 - Comments: 12196 - Articles: 1396
9:02 AM, 4th November 2013, About 12 years ago
Reply to the comment left by “Ken Rose” at “04/11/2013 – 08:42“:
Thank you Ken, I confirm receipt of your very generous donation 🙂
.
Member Since July 2013 - Comments: 264
10:07 AM, 4th November 2013, About 12 years ago
Reply to the comment left by “Ken Rose” at “04/11/2013 – 08:42“:
Its good to see an unaffected Landlord to recognise the seriousness to this, my hat go’s of to you
Member Since January 2011 - Comments: 12196 - Articles: 1396
12:17 PM, 4th November 2013, About 12 years ago
Another article has appeared raving about the swanky new offices the West Brom are having built. Needless to say I have put my tuppence worth in with by adding a comment, you may wish to do the same. See >>> http://ukbusinessproperty.co.uk/news/locations/west-bromwich-gives-green-light-to-new-hq
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Member Since July 2013 - Comments: 264
12:46 PM, 4th November 2013, About 12 years ago
If this campaign is still running when there new office is finished, it would be a good place to picket on opening day, at least we will have time to get police permission.