West Bromwich Tracker Mortgage Refunds UPDATE
Since we won our case at the Court of Appeal against West Bromwich Building Society, mortgage borrowers affected by their tracker rate hike are now receiving their share of the £27,500,000 payout in respect of over charged interest and compensation thereon. I have been inundated with thank you messages of support on Facebook and other social media.
More to come?
We have calculated that over £600,000,000 of mortgage interest has been over paid to Bank of Ireland and Skipton Building Society. The principles are the same but the mortgage contracts are different. Nevertheless, two barristers and one QC are adamant these lenders have also been operating in breach of contract and that refunds are there to be won.
The FOS have agreed to reverse their decisions on complaints made by borrowers against West Brom since the Court of Appeal ruling but have refused to re-open complaints against BoI and Skipton.
The Property118 Action Group Crowd funding campaign has raised over £50,000 – search Google for “Property118 Crowdfunder” or see http://www.crowdfunder.co.uk/property118-action-group
We are very keen to hear from any mortgage borrowers who believe they may have been over-charged by Bank of Ireland or Skipton Building Society in respect of mortgages which are pegged to the Bank of England base rate.
As many, if not more, than half of the mortgage borrowers affected by BoI and Skipton are believed to be homeowners. It is not just buy-to-let borrowers who are affected.
The average affected homeowner mortgage balance is likely to be higher than the average BTL mortgage balance. Also, many landlords only have one mortgage with the BoI and/or Skipton. Therefore, homeowners should not expect landlords alone to take on these lenders. We all need to work together, otherwise the lenders will retain these ill-gotten gains and borrowers will receive nothing.
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Landmark judgement for lenders on negligent valuation case
Member Since June 2016 - Comments: 135
2:12 PM, 4th July 2016, About 10 years ago
Hi, I Just wanted to let you know as per your request and being a paying member of property 118, that i have been effected by the interest rate rise on my buy-to let mortgage with the bank of Ireland in February 2013. They put up my interest rate form 2.25% to 4.99%. this doubled the interest payments and more. I had 30 days to comply.
They said they had to re capitalises, but instead of selling their own assists or raising money from shareholders, they took from their customer base.
They said or rather there ruse was they had to raise the differential rate in order to do this.
I had a lifetime tracker, tracking the bank of England base rate; however as you know the Bank of England never raised its interest rates.
i was stuck on the 4.99% for 2 years as there product switches were higher than 5%, eventually i managed to product switch and save 1% I took a 3 year fixed at 3.99% and had to pay £999 arrangement fee. 3.99% at the time this sounded good as the mortgage rates were high because banks were still not open for competitive business, because of the financial crisis that they caused, although since the beginning of 2015 rates have tumbled.
If you win i would like my lifetime tracker reinstated, put back into the same financial position as before the alleged breach of contract and all interest payments back dated to the present day, as well as my arrangement fee returned, i would of never of gave up or product switched a 2.25% lifetime tracker, i was forced to, to mitigate costs…
Hope this helps please add me to you list of BOI customers effected. and willing to support your cause…
yours sincerely
Paul Green
Member Since January 2011 - Comments: 12197 - Articles: 1397
7:01 PM, 4th July 2016, About 10 years ago
Reply to the comment left by “Paul Green” at “04/07/2016 – 14:12“:
Are you a lifetime/ Founder Member Paul?
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Member Since June 2016 - Comments: 135
8:09 PM, 4th July 2016, About 10 years ago
Reply to the comment left by “Mark Alexander” at “04/07/2016 – 19:01“:
No, the BOI mortgage is in joint names with my brother and my brother is also a member he pays the £10 a month from our joint account, however we intend to pledge more as and when we can, unfortunately we don’t have the full £600 to become a lifetime member at present, so doing the next best thing and paying monthly. To spread the costs. Our small portfolio is in the red and were are carrying over losses from previous years…
But thanks for asking, my brothers member ship name is ian green. So that the both of us effected by the BOI decision to raise interest rates….keep up the good work mark and I won’t forget the ambulance chasers are still out there…..
Member Since June 2016 - Comments: 1
11:48 AM, 7th July 2016, About 10 years ago
I am a paid member of property118.com. I took out a buy to let mortgage with B&W few years ago and was transferred over to BoI. My repayments more than doubled. I wrote to BoI but (not surprisingly) had no reply. I would like to register my involvement in any action against BoI.
Member Since January 2011 - Comments: 12197 - Articles: 1397
12:19 PM, 7th July 2016, About 10 years ago
Reply to the comment left by “Craig Eriksen” at “07/07/2016 – 11:48“:
Hi Craig
You need to become a Founder Member, please see http://www.crowdfunder.co.uk/property118-action-group
.
Member Since July 2016 - Comments: 1
2:33 AM, 15th July 2016, About 10 years ago
I have a Bank of Ireland and a Skipton mortgage both 2004, tracker, buy to let, both have been increased and I am becoming a founder member of property 118, thank you for all you do I had given up hope of ever getting justice
Member Since January 2011 - Comments: 12197 - Articles: 1397
8:20 AM, 15th July 2016, About 10 years ago
Reply to the comment left by “Carol Young” at “15/07/2016 – 02:33“:
Welcome on board Carol.
I have also replied to your question via Crowdfunder via a private email.
Regards
Mark
Member Since February 2011 - Comments: 3453 - Articles: 286
11:06 AM, 18th July 2016, About 10 years ago
Latest Mortgage Strategy article “Landlords to start legal action against BoI and Skipton next month”
Please see >> http://www.mortgagestrategy.co.uk/landlords-start-legal-action-boi-skipton-next-month/?cmpid=msmorning_2458844&utm_medium=email&utm_source=newsletter&utm_campaign=ms_morning
Member Since January 2011 - Comments: 12197 - Articles: 1397
12:06 PM, 19th July 2016, About 10 years ago
Please see the linked articles below which appeared in ….
Residential Landlord – http://www.residentiallandlord.co.uk/landlords-to-start-new-legal-action/
Letting Agent Today – https://www.lettingagenttoday.co.uk/breaking-news/2016/7/group-wants-agents-to-support-campaign-against-buy-to-let-lenders
We need to spread the word far and wide. If you have any ideas on how to do that please leave comments below or email [email protected]
A good starting point would be to share the articles via Social Media.
Today, Cllr. Jamie Fraser is representing us at an ARLA Expo in Leicester. we have provided him with roll up banners and leaflets and he’s taken his laptop with him to sign up more members. If you are planning to attend any landlord events perhaps you could do something similar? Below is a picture of the stand Jame created. It took 30 seconds to assemble and the roll up banners are very lightweight and easy to carry. Some letting agents have agreed to have them in their shops/offices.
[strategicCTA]
Member Since February 2011 - Comments: 3453 - Articles: 286
3:18 PM, 19th July 2016, About 10 years ago
More positive coverage from Mortgage solutions “Landlords plan further legal battle against Skipton and BoI”
See >> http://www.mortgagesolutions.co.uk/news/2016/07/18/landlords-plan-legal-battle-skipton-boi/