Geoff H

Hi. I tried submitting an initial enquiry about engaging counsel regarding compensation for the rate hike on my BoI btl mortgage. When I ticked the ‘I am not a robot’ box the form disappeared and I was unable to submit it. Please advise whether my form was submitted. Thanks.... Read More

Hi Mark. My wife and I were first contacted in July and more recently in November for the same reason. On our main residence we have an interest only mortgage with about 6 or 7 years of term left. The lender, Cheltenham & Gloucester, provided us with a form to complete that asked whether we had a repayment plan and, if so, it required details of our endowments and insurances. Because the form does not fit our repayment strategy I ignored the first letter but when the second letter arrived I responded that our repayment vehicle may be equity from our small portfolio of BTLs. I'm highly suspicious that this is just the start of pressure to get us to either reduce the outstanding amount or change to repayment - simply because we have a very good rate deal. I suspect that they will next ask for details of our BTL properties and I'm really fed up that this may be the start of another campaign….. We are already in the BoI and WBBS resistance movement!... Read More

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Hi Mark - I'm unable to complete the WBBS class action form because of email and phone number uniqueness checks. This must be because I have previously registered as a contributor for the BOI investigations. Please can you advise how I can complete the form now for the WBBS action. Thanks.... Read More

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There are a number of possible fallouts if this strategy by lenders causes landlords to withdraw from the market. My properties were intended to be a pension provider because I don't believe the state system will necessarily be able to cope. I saw this as a sensible forward plan and I think that a vast number of small portfolio landlords have a similar purpose. Due to the turmoil in property values over the last few years I saw my portfolio as having to be a very long term investment. But if this starts to not look viable I will have to think again and some load may well fall back onto the state pension system. Politicians to take note....... Read More

As Mark Alexander has said in a previous thread there seems to be a good reason for West Bromwich sufferers to ally with BOI sufferers. It's quite possible that the strategy for taking on these two lenders will be different and based upon the detail in offer and conditions paperwork. However the underlying principle is that a large group of borrows who had the common belief that they were on a lifetime tracker rate have had that illusion shattered. The sheer volume of people effected suggests that there must have been something blatantly unclear or misleading in the details which they received. The fact that the FCA does not seem to be supporting this is very questionable and I believe that only when enough people make themselves heard will someone in one of these government bodies take notice.
I will now been effected by both BOI and West Bromwich changes to rates differentials. Already I am facing the prospect of getting rid of these properties. If the lenders acted responsibly I would have expected a slow hike in rates but to double the differential in one go is difficult to cater for.... Read More

Having already been effected by the BOI rate hike I am unfortunate enough to now have a letter from West Bromwich as well. The West Bromwich rate for my BTL mortgage is increasing from 2.49% to 4.49% with effect from 1 December. West Bromwich sum up their justification as follows:-
"We have a duty to manage our business prudently in all market conditions. The terms and conditions of your buy to let mortgage were designed to ensure that we could carry out this duty, hence our right to make this change."
Regarding a Class Action and fees etc I have made payments to Justin's organisation with respect to BOI. With this second contender to deal with now should I be re-registering on the form at the lead in to this thread?... Read More

Justin - is it still your intention to send out a sample letter that will assist us in complaining to FOS? - pending that I have been holding off sending my own version. Thanks.... Read More

Regarding the Residential Mortgage Conditions - two points:-
1. Although I can't prove that I didn't receive these with my offer I can categorically state that I didn't - but have any others with BTL offers been supplied with the Residential Mortgage Conditions at the time of their offer? I think it's likely that the Residential conditions were not sent out by BoI staff because they themselves did not make the connection with our BTL loans.
2. on the subject of FOS possibly not wanting to deal with unregulated loan related complaints - surely they can't have it both ways - by treating ours as unregulated loans they are surely excluding the Residential conditions documentation - if however they allow the Residential conditions to be applied they are surely accepting that this is not a pure unregulated loan and should therefore entertain our complaints?... Read More

I received a letter from BoI on the 8th that includes the instruction to regard it as their final response on the matter and offers me the option to now refer the issue to FOS if I am still dissatisfied (which I am). The leaflet BoI included about FOS says that they "will not usually handle a complaint that has already been considered by a court (or where court action is due to take place)". For those of us wishing to exhaust the FOS process should any further involvement in the proposed class action be delayed. I've seen the email requesting an initial 100 pounds payment towards legal costs but am concerned that this could rule out appealing to FOS. Can anyone clarify the situation please.... Read More

It's interesting that BTL borrowers don't seem to be in possession of a copy of the mortgage conditions at the root of this change by BoI (at least that's the impression I'm getting from contributions to this forum) - but a copy of the conditions has been made available from a Residential borrower. Maybe it's splitting hairs but is it correct that conditions from a document titled Residential Mortgage Conditions should be being invoked on BTL mortgages? Is it possibly also the reason why BTL borrowers were not supplied with a copy of the conditions - maybe B&W staff didn't make the connection to send out a Residential mortgage terms document to BTL borrowers.... Read More

I took out a B&W (now BoI) mortgage on my first buy to let property in 2004 and I have received the unpleasant notification of the change to the differential on the tracker rate. I have no memory or record of being supplied with a copy of the Residential Mortgage Conditions referred to in my offer letter. I can however clearly remember the stickler of a solicitor who undertook the conveyancing for me - and feel sure that he would have made me fully aware of this clause had he himself been aware of it.... Read More