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

Text Size

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


Share This Article


Comments

Paul Eastabrook

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

21:15 PM, 4th February 2014, About 11 years ago

I thought I’d take the opportunity to update everyone on my own progress, culminating in West Brom FINALLY admitting to us that it made the wrong decision in our case. Its letter dated 30 January 2014, collected from the local Royal Mail sorting office yesterday and opened only last night, confirmed that we do not meet its criteria for being charged the 1.9% increase. It has now issued us with a cheque for £594.92 in respect of the overcharges in December and January. It also notified the Financial Ombudsman Service accordingly.

At no time had WB ever explained to us its definition of “a landlord of multiple properties”, despite our numerous letters. It was only when I saw the famous George Eustice letter that I understood that all was not quite what it seemed, and confirmed that our 2 BTLs did not meet the necessary criterion.

I eventually twigged that WB’s error related to my residential mortgage having 4 separate account numbers allocated to it (original loan plus one re-mortgage c.1996, one in 2001 and one for associated fees). Although I informed WB as soon as I realised, it wouldn’t act on the information until I completed its silly form saying exactly what I had said in 2 previous letters.

This means that our case took 5 months to resolve something that could have been dealt with back in September 2013 had WB been upfront with us at the time.

I’ve already updated Justin and Mark with the news, which means that I won’t now be party to any legal action. I am aware, however, that WB could still draw us back in at a later date should it feel so inclined. On that basis, I aim to continue to follow the threads, and will continue to support the campaign.

I am enormously grateful to everyone on the forum for all the hard work that has gone into the campaign, with special thanks to Mark for his endless and untiring efforts.

chrisbusy

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

21:34 PM, 4th February 2014, About 11 years ago

Reply to the comment left by "Paul Eastabrook" at "04/02/2014 - 21:15":

Well done Paul..Great result ..Finally !

Lets hope its the first of many and well done for continuing to support the aim of the campaign which as you rightfully say , could still return and bite you . ! !

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

21:36 PM, 4th February 2014, About 11 years ago

well that's good news - you must be a big relief for you ... and just maybe shows that if we persist in the end they will listen to us all??

Devon Landlord

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

22:02 PM, 4th February 2014, About 11 years ago

Great news. Well done for persisting. DL

David Ellis

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

22:14 PM, 4th February 2014, About 11 years ago

Reply to the comment left by "Paul Eastabrook" at "04/02/2014 - 21:15":

Congratulations Paul your perseverance has paid off for you.
Unfortunately we had our final letter from WBBS yesterday rejecting our claim that our property portfolio at the time we took out their mortgage didn't fit their criteria. When we applied for their mortgage we only had one buy to let property, then we bought the WBBS one and one more after that, all in the space of 6 months in 2007. They have said it is not our property portfolio at the time we applied for their mortgage that matters, but our property portfolio as at September 2013. Also they wouldn't accept that we are not professional landlords despite my wife and myself having completely different full time occupations when we took out their mortgage and the same occupations today. Also that we had got into buy to let because we felt it was a better way to provide for our pensions as back in 2007 our personal pension plans had collapsed. We are determined now to fight this all the way as WBBS are an unscrupulous building society picking on people who had 3 or more buy to let properties in September 2013 because they know we have no consumer protection. protection.

Susan Mason

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

22:40 PM, 4th February 2014, About 11 years ago

I recently contacted the MP for Colchester regarding the WB rate rise, and had a response very promptly , the next day in fact. Here is the response

Many thanks for your email regarding EDM 976 – Conduct of Mortgage Lenders. I can confirm that Bob was one of the sponsors who put this EDM forward, so is automatically recorded as having signed. I will forward your email request to him so that he knows you contacted him and will let you know if a debate is possible.

Best wishes,

Owen

Owen Howell

Paul Eastabrook

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

22:45 PM, 4th February 2014, About 11 years ago

Reply to the comment left by "David Ellis" at "04/02/2014 - 22:14":

Thanks David. That poses an interesting thought in my mind. On the basis of what WB told you (and us too) it seems to be suggesting that it would withdraw the increase if you were to dispose of one of the BTLs at some stage in the future.

Although I wouldn't suggest for one moment that you dispose of a property, I wonder how WB would treat a situation were you to, say, transfer one of your three mortgages to yourself solely and one to your wife solely. That way, each of you would have interests in only two BTL mortgages.

It well not be practical in your own circumstances but would make for an interesting scenario should someone be able to put it to the test.

David Ellis

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

22:56 PM, 4th February 2014, About 11 years ago

Reply to the comment left by "Paul Eastabrook" at "04/02/2014 - 22:45":

Hi Paul we have a total of 3 buy to let properties and I asked them what if we sell one of the properties the answer was unless it was their property it wouldn't make any difference as we had 3 when they increased our mortgage with them and not now.

Squid

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

23:07 PM, 4th February 2014, About 11 years ago

WBMC might simply decide to target customers with one, or two mortgage products, or any other number they choose, at any time.
Or how about customers with Ginger Hair, or one Leg Shorter than the other?
And why not increase the rate by 5, or 3, or 20 percent, or any other figure they choose, at any time?
They are plucking nonsense figures from the air.
It might be 1.9% illegal rise now, what if it's 25% next year?
In my view, West Brom's actions are illegal, immoral and totally out of control.
Join the campaign now, or sleepwalk into financial ruination.

Paul Eastabrook

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

23:09 PM, 4th February 2014, About 11 years ago

Reply to the comment left by "David Ellis" at "04/02/2014 - 22:56":

That suggests that WB has just imposed an arbitrary date of September 2013 for its assessment of us all. Therefore, if my wife and I NOW take out a third BTL mortgage, WB seems to be suggesting that it will not make a difference to its assessment of us?

WB's arguments do seem to be getting more and more bizarre as time goes on.

I wonder if they will do the same thing again in the future then, possibly re-assessing everybody when it decides to up the tracker hike to say 2.1%?

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More