West Bromwich Building Society Tracker Margins Legal Action

West Bromwich Building Society Tracker Margins Legal Action

18:38 PM, 30th September 2013, About 11 years ago 3869

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West Bromwich Tracker Rate Mortgages Legal Action Group

West Bromwich Building Society Tracker Margins Legal Action

Are you affected by the West Brom Tracker Rate Hike?

If your mortgage account number begins with the number 8 you are highly likely to be one of the unlucky 41% of the mortgage customers of the West Bromwich building Society with a West Bromwich Mortgage Company account affected by the 1.9% increase in your tracker margin rate. However, if you arranged your mortgage directly with West Bromwich Building Society (i.e. not via a broker) or before 2006 the chances are that your account number will begin with the number 9 and you are not affected – YET!!! West Brom will give no assurances that mortgages with account numbers beginning with the number 9 will not be affected at some point in the future.

OUR INTENDED CLASS ACTION LITIGATION OVERVIEW

Tracker Rate Class Actions Updates

The reasons we started this campaign are very simple:-

1) We believe the actions of West Brom are immoral

2) We believe the actions of West Brom are unlawful, i.e. they have no legal grounds to increase their tracker rate margins

3) We have no wish to subsidise other areas of the West Bromwich Building Society business model

4) We are fearful of other lenders following suit if West Brom are allowed to get away with this

Mark Smith (Barrister-At-Law) said …

“Representative actions, where one person starts a case representing many others, who all want the answer to a legal question from a court such as ‘is this contract enforceable against me?’ but are not seeking damages. All those who sign up to the action will get the benefit of the win, but they do not have to start their own cases, as they are ‘represented’ by the lead claimant.

The only people who will definitely benefit from success in the case are those who have signed up. There will be no free rides. Any others will have to fight their own corners individually, either alone or with legal help (which will inevitably cost significantly more than the group case).”

We will NOT settle on any basis.

Landlords take legal action against West Brom Mortgage Company

We have a moral duty to do what is right for those who support the values upon which this campaign was started. Our promise to all who support these values is that we will not sell out on you at any price. We will continue to fight this injustice and we will fight any other lender who tries to follow suit.

Are you with us?

This discussion thread is now closed – we’re off to Court!

To link to the new discussion please CLICK HERE

West Bromwich Mortgage Company Tracker Margins Legal Action


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Ian Burton

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13:29 PM, 3rd October 2013, About 11 years ago

Hi Mark
Like the forum backing you 100% I have 6 properties with WBBS so a cheque for £1440 for the fight to Justin and a donation of £10 monthly for propery118
As an aside I will be writing to the WBBS stating that as of Dec I will be paying the agreed rate which in my case is 1% over base and if they wish to sue me then I will hopefully be asking Justin to defend me. I obviously understand that it may be possible that this might affect my credit rating etc but do I care, not really I reply life's too short (well in my case) to worry and shorten it further. We have to stand up to this bullying. I will send photocopies to Justin until a request for the originals come.
Unfortunately we live in a society where big (ish) companies try to make sure that no matter what happens they will not be liable for their inefficiences and losses and they will pass the costs on to us poor (or even wealthy) minions. Its the principle that matters.

David Ellis

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13:32 PM, 3rd October 2013, About 11 years ago

I would like to sincerely thank Mark for all the hard work he is doing here for us. I have already contributed as a thank you a £100 donation to help with the running costs of this forum and would encourage other people to contribute between £50 to £100 also or more if you want.. As previously mentioned my wife and I have one buy to let mortgage with the WBBS and two more with Mortgage Express. We sent our complaint letter to WBBS last Monday and are awaiting their reply but we think we know what to expect by way of a reply. Now I have been busy this morning finding all our paperwork to photocopy and send to Justin and I have found more than I thought I had. I have found the booklet they refer to "Information you need to know about your mortgage" and also a signed letter by us of the acceptance offer letter and a copy of a signed mortgage deed. Now it is these last two documents which give the WBBS a better position in our case in that we have signed to say that we have accepted the offer of loan and have read and understand the special and standard conditions which I surmise includes their booklet. This WBBS 2% increase will put about an extra £220PM on our mortgage from December 1st plus if WBBS get away with this I certainly feel Mortgage Express will follow suit which will be a far bigger increase than the WBBS increase per month times two. We are therefore still sending a copy of all our paperwork to Justin and paying the £200+VAT fee (£240). Mark what you say about WBBS having to get a Court Order to terminate our mortgage while we are up to date makes us feel a lot happier. Come on everyone this is our chance to challenge the WBBS TOGETHER before it is too late.

Mark Alexander - Founder of Property118

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13:34 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "Ian Burton" at "03/10/2013 - 13:29":

I am incredibly grateful for your support of every level, thanks Ian 🙂
.

Mark Alexander - Founder of Property118

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13:38 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "David Ellis" at "03/10/2013 - 13:32":

I sincerely appreciate your very generous comments and donation David, THANK YOU.
.

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13:39 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "stephen stanley" at "03/10/2013 - 12:50":

My partner and I will be sorting out our documents over this weekend too and sending off + 2 x payments on Monday - we have 2 WBBS trackers (1 is in joint names the other in mine alone) + 2 other BTLs with another lender in joint names. I have also converted my own home into a BTL with a third lender - we both have full time jobs so in no way whatsoever consider ourselves to be professional landlords - just 2 people who re-started their personal lives in our late 40s and are trying to make up potentail shortfalls in our pensions

Addicted to fighting the WBBS

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13:41 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "03/10/2013 - 13:34":

CHL Mortgages look like they are starting the probing process of .......

I think it is fair to say that any UK lender that holds a book of tracker mortgage holders with Sub 3% current rates are actively researching and looking at ways to switch/load up the interest rates to 5% +. The obvious lenders are MX, CHL + all other 'sub prime' originators and I think it is fair to say that any lifetime tracker/discounted variable rate customer that has borrowing from a lender that is not issuing any new BTL loans, are going to be in the firing line, i.e. I believe BM Solutions could be the last to try it on as this would have a more detrimental affect on them issuing new loans.

http://www.smartsurvey.co.uk/s/Autumn2013

I have just received the following "questionnaire" from CHL mortgages and all the questions lead to ways to take you off lifetime trackers.

I think it is fair to spread the net far and wide to holders of the CHL mortgages, MX, Southern Pacific or any current BTL mortgage that has a postal address in SKIPTON !!!!!!

Mark Alexander - Founder of Property118

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13:49 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "Denise Doms" at "03/10/2013 - 13:39":

Hi Denise

I just complete a spoof CHL survey to see where this is going. On the second page there was an implied discount of 10% of debt to move the mortgage.

I think we can all see which way this could be heading and I would urge everybody with a CHL mortgage to complete the survey to see for themselves what it is about but NOT to submit it.
.

Mark Alexander - Founder of Property118

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14:15 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "03/10/2013 - 13:49":

I have started a new thread to discuss CHL, lets keep this one for WBBS discussion please.

New thread linked below.
.

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14:16 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "03/10/2013 - 13:49":

probably not really replying to me here as I don't even know what CHL is?

Mark Alexander - Founder of Property118

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14:21 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "Denise Doms" at "03/10/2013 - 14:16":

Oops, clicked on the wrong reply button, my reply related to the comment left by Stuart Marshall at 13:41.
.

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