West Bromwich Building Society Tracker Margins Legal Action

by Mark Alexander

18:38 PM, 30th September 2013
About 6 years ago

West Bromwich Building Society Tracker Margins Legal Action

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West Bromwich Building Society Tracker Margins Legal Action

West Bromwich Tracker Rate Mortgages Legal Action Group

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

Tracker Rate Class Actions Updates

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.

Landlords take legal action against West Brom Mortgage Company

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

West Bromwich Mortgage Company Tracker Margins Legal Action



Comments

Anon

17:54 PM, 23rd September 2013
About 6 years ago

Customers affected by this increase could do very nicely out of West Bromwich Building Society. Once a test case has been won, sue for the 2% annual increase in the rate over the remaining term of the mortgage on a "no win no fee" basis. If you have 20 years to go you will be able to sue for 40% of the balance of your mortgage. Once the cheque has cleared go and refinance elsewhere, sell the property, buy another or just pocket the cash. Not bad for a bit of grief is it?

Mark Alexander

18:00 PM, 23rd September 2013
About 6 years ago

Reply to the comment left by "Anon " at "23/09/2013 - 17:54":

That's all very well Anon, and whilst I completely agree with you, the first thing to do is to get to first base and that requires £100,000 to be raised to win a test case. If we can't get to first base then nobody is in the game. If everybody sits and waits for everybody else to chip in £100 to reach the £100,000 target then nobody will get a penny and more lenders will follow suit.

This is a little story about four people named Everybody, Somebody, Anybody, and Nobody.

There was an important job to be done and Everybody was sure that Somebody would do it.

Anybody could have done it, but Nobody did it.

Somebody got angry about that because it was Everybody's job.

Everybody thought that Anybody could do it, but Nobody realised that Everybody wouldn't do it.

It ended up that Everybody blamed Somebody when Nobody did what Anybody could have done

Addicted to fighting the WBBS

18:51 PM, 23rd September 2013
About 6 years ago

Reply to the comment left by "Justin Selig" at "23/09/2013 - 16:04":

The following is the definition of a tracker mortgage by West Brom BS on their website today....

"Tracker mortgages give you the certainty of knowing that the rate you pay will move in line with Bank Base Rates. We offer a choice of variable trackers, including flexible mortgages."

The above explanation is being advertised by West Brom BS today at http://www.westbrom.co.uk/westbrom/mortgages.category?id=26

Denise G

19:59 PM, 23rd September 2013
About 6 years ago

Reply to the comment left by "Mark Alexander" at "23/09/2013 - 18:00":

I signed up on your site late last night - and we are quite willing to contribute £100 to fit this test case (as long as we some kind of a guarantee that we will get it back if the required 999 additional landlords don't stump up) - just let us know when/where to pay

Denise G

20:28 PM, 23rd September 2013
About 6 years ago

Reply to the comment left by "Mark Alexander" at "23/09/2013 - 17:50":

have done - again tho as I had already filled it in last night

Vanessa Warwick

9:15 AM, 24th September 2013
About 6 years ago

Just to say that Property Tribes will be joining with P118 to fight this on behalf of Landlords.

There is always strength in numbers and well done to Mark for leading the campaign.

Alan Soloman

9:36 AM, 24th September 2013
About 6 years ago

Hi

If your mortgage contract states that the max interest rate is 'X' above 'X' base rate (for example 2% above BoE base then 2% above BoE rate is what they can charge) and it is changed and outside the original terms then West Brom are breaking the terms of the mortgage contract ( The mortgage offer and deed are different documents). The Mortgage Contract is a document that HAS to be signed by both sides and witnessed - often the mortgage contract is not signed by one or any of the parties involved in a mortgage and is therefore the mortgage can be unenforceable ( Contract Law). Many lenders BULLY their clients into paying late fees and many other charges- if these were not agreed at the outset then they are not enforceable - it called Novation and needs consent of all parties to change any part or part thereof in a contract. Many bully as I say and then go quiet or CANNOT come up with the documents to prove their case - I have challenged one of my BTL lenders for a copy of the signed mortgage contract and some 6 months later I am still awaiting it. This needs a group of those who BTL mortgages with The West Brom

David Ellis

10:01 AM, 24th September 2013
About 6 years ago

I also received a letter from the WBBS on Saturday increasing my mortgage with them by 2% from 1st December 2013. I rang them yesterday to complain about this increase. I advised the person I spoke to that there was no mention of this in my offer letter I had from them and this was never mentioned to me by the broker I used who had subsequently gone out of business. I said something as important as this should definitely have been highlighted in the offer letter. The reply was that with so many terms and conditions in the booklet if everything went into the offer letter it would be huge and the fact the broker didn't explain this and had subsequently gone out of business was not down to them. I told her that I would be writing into them to compain and if no joy taking it up with the Financial Ombudsman. I would also like to join an action group and be willing to contribute so a test case could be heard. Otherwise it is only a matter of time before all other lenders follow the BofI and WBBS and I have 3 other mortgages as well as this one with the WBBS

David Ellis

10:40 AM, 24th September 2013
About 6 years ago

Further to my earlier comment this morning about WBBS I have just come across an interesting article in Landlord Today at http://www.landlordtoday.co.uk/news_features The article is headed up Lender tells buy to let borrowers of 2% hike in rates

Addicted to fighting the WBBS

11:13 AM, 24th September 2013
About 6 years ago

Reply to the comment left by "David Ellis" at "24/09/2013 - 10:40":

The following contact seems to be very interested in the current miss selling of tracker mortgages (as of today) by the West Brom BS

The above explanation is being advertised by West Brom BS today at http://www.westbrom.co.uk/westbrom/mortgages.category?id=26

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