West Bromwich Building Society Tracker Margins Legal Action

West Bromwich Building Society Tracker Margins Legal Action

18:38 PM, 30th September 2013, About 11 years ago 3869

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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.


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

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Devon Landlords

13:48 PM, 26th September 2013, About 11 years ago

Fantastic Sam - you have summed up our feelings in a nutshell! We are fighting it with you all the way!!


14:33 PM, 26th September 2013, About 11 years ago

I would appreciate your thoughts on the following conspiracy theory.

As we know, Mortgage Express is run by UK Asset Resolution who are tasked with recovering as much money as possible for the tax payer.

If UKAR were to increase tracker margins for Mortgage express customers, to a point where most landlords were to default on their mortgages, UKAR would be in a position to appoint LPA receivers. This would not affect the number of properties in the PRS but it would mean that a centralised body, controlled by the Government, would control a huge section of the PRS. In turn, that would create jobs in the public sector, it would mean that Jo Public wouldn’t have to deal with rogue landlords and letting agents to anywhere near the same extent and it would also provide a better opportunity for recovery of tax payers funds.

Apart from landlords, can you imagine tax payers not supporting such a scenario?

As I see it, the clock is ticking and landlords only have so much time to diffuse this bomb. The success of a Class Action could prevent the above. If a test case isn’t won before the above scenario comes to pass then I’m afraid the PRS as you know it is doomed.


Jackie Kay

16:29 PM, 26th September 2013, About 11 years ago

I am so annoyed and shocked by the letter I received fro West Brom today. I am currently paying 2.49 pc so not on the super cheap deals I've read about. I have joined the class action group and will be writing in a letter of complaint too!g

Mark Alexander - Founder of Property118

16:44 PM, 26th September 2013, About 11 years ago

I thought I had got away with it but I received my letter today! My mortgage was 2008 and I have just one with West Brom

Kevin Ivie

17:06 PM, 26th September 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "26/09/2013 - 16:44":

Received my letter yesterday for a mortgage taken out in 2007. My only one with West Brom ... but a big one! This will cost me £700 per month more! To my mind there is no doubt that this action is discrimnatory as it targets just buy to let investors with a few properties, it's a classic example of miss-selling of financial products as it was promoted as a tracker whilst they are now saying they can charge what they like! and, of course, it's a definite breach of contract ! All of which I have put in writing to the Chief Executive of West Brom and have written to the Daily Telegraph. But the key here is to get as many as possible involved in the class action as it will be long winded and expensive and you have to be prepared to go all the way to court. So the more of the 7000+ we can involve the better.

Simon Winsor

18:48 PM, 26th September 2013, About 11 years ago

I wouldn't blame the West Brom its the fault of The Bank of England. Having the base rate so low for years destroys the building societies business model. They need savers to save in able to lend. If they can't attract savers because the interest rates are too low then they can't operate. All those on the extra low trackers don't give the building society enough margin to run.

Even with the 2% raise the mortgage payments are low. If you don't like it remortgage else where and deprive the building society of your money. Surely that has to be more effective at hitting the society than wasting money on a class action which most likely fail.

Robert Hayes

19:23 PM, 26th September 2013, About 11 years ago

Evening Mr Winsor

Are you a director of West Brom by any chance?

Alan Soloman

20:13 PM, 26th September 2013, About 11 years ago

As I have said before - the banks/finance co's / credit cards / mortgage lenders in fact any contract has terms set out at the start and those terms are set in stone and CAN ONLY be changed by consent of all parties- Novation. The problem is all these lenders / banks / credit card companies BULLY you into agreeing any change in terms - in LAW they can't but everyone lets them get away with it. A booklet that accompanies any contract would have to be signed at the time you agree to the contract as it forms part of the contract - if the booklet is not signed and agreed as part of the original terms it CANOT be used to make any changes. There are legal precedents on this part of contract law.

David Ellis

21:50 PM, 26th September 2013, About 11 years ago

Reply to simon Winsor's comments on 26/09/2013 at 8:48.
I thought we were all supporting action against these unscrupulous lenders not supporting them?

Jackie Kay

9:09 AM, 27th September 2013, About 11 years ago

Reply to the comment left by "Simon Winsor" at "26/09/2013 - 18:48":

Remortgage?? easier said then done!

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