ACT NOW to protect the margin on your YOUR tracker mortgage

Some great comments here. I agree we need to get this as much exposure as possible. I've tweeted @paullewismoney on the Radio 4 Moneybox programme and Messaged Radio4 's You and Yours consumer programme asking them to feature this issue. Please do the same and shout this from the rooftops! it needs to be discussed outside of landlord forums too. This move will render my property unviable as of December and I'll have to sell - the people I feel sorry for are my tenants who have no idea this is coming just before Christmas. I'm desperately trying to find alternatives so this doesn't happen, but don't hold much hope. I've found nothing in my key facts or other paperwork to suggest that this was possible. It's clearly in breach of contract.

Reply to the comment left by "Lee Gough" at "29/09/2013 - 09:58":

Hi Lee

We are not collecting any more money at this stage, we will let you know when we are ready.
.

Reply to the comment left by "Mark Alexander" at "30/09/2013 - 11:55":

trying to find out how to use twitter properly to do as asked I found this article:

http://www.irishexaminer.com/opinion/columnists/matt-cooper/banks-must-act-on-tracker-mortgages-to-help-customers-and-themselves-230838.html

What does anyone think about the fact that it does not anywhere suggest as the solution raising the interest rate on a tracker mortgage - because it's not a real and honest option maybe??

and this:
http://www.thisismoney.co.uk/money/mortgageshome/article-2321407/Time-drag-buy-let-mortgages-wild-west--Bank-Ireland.html

does anyone know how this is progressing?

http://www.thesundaytimes.co.uk/sto/business/money/mortgage_and_property/article1254625.ece?CMP=OTH-gnws-standard-2013_05_04

Reply to the comment left by "Denise Doms" at "30/09/2013 - 12:31":

Hi Denise

Your question regarding an update on the Sunday Times article you have posted a link to is in the text of the main article which started this thread. It is this paragraph >>>

"Progress to date

In February 2013 we consulted Justin Selig, a partner in Landlord Action and a solicitor specialising in property and contract law. Justin’s legal practice is registered with The Law Society under the trading style of The Law Department. Justin has since instructed a barrister to prepare a test case against the Bank of Ireland and this has been submitted to the FOS and also to the Financial Conduct Authority “FCA”. Complainants to the FOS are still awaiting an official response, the FCA has declined to take action. The initial costs of the barristers opinion and Justin’s work were underwritten by the owners of Property118.com Since the Class action against Bank of Ireland were first muted, over 300 people have pledged their support and circa £10,000 has been paid into the fighting fund. These funds are now exhausted."

I may have missed it in all the messages, but to clarify a couple of points.

If I signed up, am I committing a fixed sum or a share of whatever it costs?

Would this be allowable against property tax at SA time, even though I am not yet affected?

Ta

Chris

Reply to the comment left by "Chris Amos" at "30/09/2013 - 20:32":

Hi Chris

At this stage we are not asking for any more money. Our objective is to build a huge list of supporters. When we have a clear indication of all costs and we know how many people are interested we will have a far better idea of how much we will need to ask each person to contribute. For indicative purposes, we are hoping that enough people will register an interest to keep the cost per person to less than £200 each. The more people we get signed up, the cheaper it will be. Please note that completing the Class Action Registration Form below is not contractually binding, it is merely an expression of interest and an agreement in principle on your part assist in the funding of the case subject to the costs and risk being clearly identified and, of course, being acceptable to you.

Yes, you will be able to set off this expense against your rental income.

Please see the thread linked below.
.

Ok, done that - although they have not come for me yet.

Would be just my luck, had an Equitable pension, when the management bet (sorry, used their skill and experience) and lost they had to pay out at the expense of the other policyholders.

Now it seems the mortgage companies are free to welch on their bets.

I am not saying they should be forced out of business like ELAS, just the load should be fairly spread across all borrowers. Saying the amateurs are protected so we have to rip off the unprotected pros seems like an admission of guilt.

Did WBBS and BOI actually loose any money last year, and did they take a lot of the cheap money from the govt?

Out of curiosity, in these letters did they say this change was a collar type arrangement or do they mean that when rates are back to 6%, they will charge LLs 10%?

Chris