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 September 2013 - Comments: 80
11:14 AM, 24th September 2013, About 13 years ago
Nicole Blackmore
Personal Finance Reporter
Telegraph Media Group
is taking a keen interest in the current miss selling of tracker mortgage by West Brom
Member Since January 2011 - Comments: 12193 - Articles: 1395
11:20 AM, 24th September 2013, About 13 years ago
Reply to the comment left by “stuart marshall” at “24/09/2013 – 11:14“:
Please add email and telephone contact details if possible.
I have had a similar request from The Sunday Times – contact [email protected]
Member Since January 2011 - Comments: 12193 - Articles: 1395
11:37 AM, 24th September 2013, About 13 years ago
I have now spoken with Nicole at the telegraph and obtained permission to publish her email address for affected borrowers who would like to get in touch with a view to being quoted in the newspaper and on their website – [email protected]
Comments: 359
2:01 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Alan Soloman” at “24/09/2013 – 09:36“:
Count us in as members of any such group – we have 2 tracker mortgages with the West Brom – although so far have only received a letter about one of them. I plan to dig out all documentation and get to writing a letter of complaint over the weekend but would LOVE to join anything with other affected borrowers to fight this injustice
Member Since January 2011 - Comments: 12193 - Articles: 1395
2:10 PM, 24th September 2013, About 13 years ago
New thread started here >>> https://www.property118.com/help-us-to-protect-your-tracker-margins/43709/
Member Since September 2013 - Comments: 96
2:25 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Mark Alexander” at “24/09/2013 – 14:10“:
Thanks Mark,
We have signed up!
Member Since January 2011 - Comments: 12193 - Articles: 1395
2:27 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Peter Cole” at “24/09/2013 – 14:25“:
Well done Peter, how are you going to persuade more people to do the same? How many landlords do you know who have tracker mortgages?
.
Member Since September 2013 - Comments: 96
2:31 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Mark Alexander” at “24/09/2013 – 14:27“:
We don’t have any friends or family with buy-to-let tracker mortgages, but we have four other properties with them and are dreading the same thing happening to those! 🙁
Member Since July 2013 - Comments: 467 - Articles: 1
2:36 PM, 24th September 2013, About 13 years ago
See Stu Marshall’s comment under this piece at Mortgage Strategy.
He has linked to where West Brom say today at their site:
“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.”
He says, the above explanation is being advertised by West Brom BS today at http://www.westbrom.co.uk/westbrom/mortgages.category?id=26
Artcile is here: http://www.mortgagestrategy.co.uk/news-and-features/latest-news/what-about-trust-brokers-hit-out-at-west-brom-rate-hike/2000744.article
Time dated Screen Print?
Member Since July 2013 - Comments: 467 - Articles: 1
2:38 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “David Lawrenson” at “24/09/2013 – 14:36“:
Ah, I see this had already been posted.
Apologies