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.