West Bromwich Building Society Tracker Margins Legal Action

Please also see:

http://www.financial-ombudsman.org.uk/faq/answers/complaints_a9.html

Thanks for clarifying OM role Mark...

I got my WB BS mortgage through Cobalt Capital - very experienced mortgage brokers. They explained the mortgage product in great detail in their substantive letter to me, but at no point there is a mention of possible increase in the basic tracker rate.

My point here is that if they as professional mortgage brokers could not see the small prints what chance do we, as small time landlords, have in spotting something as technical as that.

This argument can also be said of the solicitors. Two professional bodies missing the small prints - simply because no one, no matter how experienced, expects something as important and fundamental as a possible change to basic tracker rate to be buried in small print!

I will of course include the brokers letter when sending in my documentation.

Reply to the comment left by "Concerned Landlord" at "03/10/2013 - 09:08":

I knew some of the owners of Cobalt Capital and actually looked into buying their business when they were called Square Mile Mortgage Finance. I agree, they are excellent brokers. I was the founder and MD of The Money Centre and I missed this too, as did all 300 brokers in my team.

Hi Mark,
Just started pulling paper work for Justin (we have 5 so it's £1200 for me to put my money where my mouth is). However its only one months payment if this goes ahead, so everyone that's swithering needs to do the sums? Personally i'd like the piece of mind of knowing I did everything I could.
Anyway going off track- is the term they are talking about in the 'standard conditions of offer' booklet. We are in Scotland and obviously have different laws, we didn't get a booklet what we got was 4 A4 sheets, similar to the offer of loan and I have scoured them for the get out clause 'to make sure our business is carried out prudently' etc and can't see it anywhere? I have scanned a copy for you to see. Could you confirm if our terms and conditions are different?
I assume someone has now sent in a copy of the standard t&c's.
Thanks Gayle

Reply to the comment left by "Gayle Jones" at "03/10/2013 - 09:38":

Hi Gayle

Thank you for your supportive comments.

I'm not really sure what Justin has seen to date, he in London and I run Property118 from my home in mid Norfolk. Apparently the condition that WBBS is relying upon is in the Mortgage Condition booklet but I, like pretty much everybody else who has posted comments here, don't seem to have one and I do wonder whether WBBS ever really sent them out and if they did, who they sent them to. Perhaps they sent them to the acting solicitors but on the basis that in many cases WBBS paid for the solicitors they appointed as part of an incentive to do a deal with them I think that stinks if that's actually what happened.

I used the standard template posted on this website to complain and in that letter there is a request for a copy of the Mortgage conditions booklet.

Justin will be best placed to advise you when he receives your paperwork. I'd suggest copying and posting it as emails with large attached scanned documents often tend to fail when sent via email.
.

Hi Mark

I have just seen your comment to Gayle. I have the booklet so will copy and send with rest of the paperwork.

Please don't let the negative comments get you down, people are so incensed and annoyed! They want to take it out on someone.

As I think has been said before, and is how I personally feel, I don't see how ANY booklet or pamphlet would even stand WBBS in good stead, as that wasn't what was signed; it wasn't shown at the time anyway; and moreover never received by us anyway. It's therefore an 'add-on' and as such can be disregarded totally!

I repeat, it's the MORTGAGE OFFER that we agreed to and signed, nothing else. So I don't know why this is even being raised, for it looks as though we are concerned about it, which gives it credence in some perverse way. It's IRRELEVANT as I see it, as the Mortgage Offer and its wordind is what applies, nothing else.

IF there is any reference at all made to this booklet/pamphlet, when it's totally separate form the agreed-to paperwork, then we're on a slippery slope indeed, effectively allowing other business and organisations to slip in additional terms and conditions AFTER the agreement has been made. This is totally unacceptable and should be disregarded. I think it's this point which is the strongest, don't you agree?

Oops, 'wordind' read 'wording'; and thanks for your reply late last night, Mark. Obviously there was a misunderstanding/s about the whole process on my part. It's still not clear, but slightly better. I'm missing something (not brain cells I hope!).

However, I would like to have my final point answered, with regards to a ballpark figure for specified participants paying to forward this case, please.

I'll e-mail you separately to let you know my real name, as connected to my pseudonym. I've nothing to hide, guilt wise, but just wish to prevent any Tom, Dick or Harry Googling my name to track what I'm up to. You just never know. I know that something I said about 15yrs ago can STILL be found on Google. It wasn't anything dubious, but it just goes to show that everything one says, in their real name, creates a trail which some might abuse, that's all 🙂

Reply to the comment left by "Incensed Landlord" at "03/10/2013 - 11:17":

I think you are referring to "Contra proferentem" and if so then I agree.

This this wikipedia definiation >>> http://en.wikipedia.org/wiki/Contra_proferentem

OMG - I'm turning into a lawyer, I will have to start charging!!!

NOTE TO ALL - Property118 is funded entirely by donations and advertising, I need your support to implement some of the things you have requested, e.g. merging threads

Please make a donation no matter how big or small - see >>> http://www.property118.com/have-you-had-at-least-50-of-value-out-of-property118/43590/ There is a limit to how much I can do myself and I need to pay other people to do the rest. PLEASE HELP.

I do NOT want to have to start accepting advertising on this website.
.

Hi Mark,

It's fantastic what you are doing here and it's greatly appreciated.

Happy to contribute £240 at it is not a great deal relative to the amount we would lose, but I am being put off by the inconsistencies.

Justin's email said he required £15000 to carry out steps 1-4 and to get the barristers advice both on how to proceed and how much it is likely to cost.

Allowing for multiple properties 50 people signing up would cover this at £240 pp. Is it the case that you are only expecting a few to sign up?

Alternatively are you changing the proposals on his email sent last night?

I would be far happier contributing to step 5 once 1-4 are complete as proposed by Justin in his email. At that stage you would also know how many people are on board and be able to give a far more accurate idea of the funds needed per person.