West Bromwich Building Society Tracker Margins Legal Action

Reply to the comment left by "Mark Alexander" at "25/02/2014 - 18:06":

Mark,
I have not kept abreast of the latest West Brom tricks but I can imagine that they're getting desperate now.

This has obviously turned into a 'marathon' fight which they weren't expecting.

This win against West Brom is even more important now because the Bank of England has already intimated that they will raise the base rate by about 0.25% by the middle of next year.

Reply to the comment left by "Richard Kent " at "25/02/2014 - 18:04":

Hi Richard, we knew what the reply was going to be from the WBBS and at least we now have it in writing from them. We will send a copy of the letter to the FOS showing was a totally unreasonable and despicable Building Society they are.

Reply to the comment left by "David Ellis" at "25/02/2014 - 18:22":

David,
I appreciate it can not be easy in your situation.

I do empathise and even sympathise.

Reply to the comment left by "Mark Alexander" at "25/02/2014 - 18:06":

A Judge will see through their lies.

We all know that a lot of these Judges/ adjudicators are very astute and experienced.

As a property investor of over twenty years standing, many scenarios have emerged regarding my property portfolio over this time. In the very, very early days one could simply approach the local bank manager, present figures, agree sums, the bank manager was happy with the returns, I was happy, my business grew.

Years pass, now it seems we deal with faceless financial institutions who seem to move 'goal posts' as and when regarding the mortgage deals and requirements, all weighted in their favour.

Fine,....... we need them, more importantly they need people like us.... entrepreneurs, people who think outside the box, people prepared to map their own future, to achieve goals.....dare I say 'risk takers'. Calculated risks, not foolish risks, due diligence is applied taking in every possible event that may impact the figures and investments. Our own profits are ploughed back time and time again, we risk all.....worrying when we jump into a deal....and often worrying when no deal can be found.

We are certainly a 'strange investor'.

West Bromwich letter regarding the tracker increase, coupled with the implications of 'calling in' the mortgage even under no default conditions was an unknown variable in my careful business plans. More worrying was the fact it appeared now the tracker rate could be altered at a whim by WB at a moments notice to ANY level they wanted over base rate.

My portfolio had two WB mortgage deals secured by my broker at very good 'lifetime rates ' of 0.59% over base, ................they were the experts, they calculated the rates, they were very happy to sell the deals, now they want to renegade on the contract through manipulated and under handed tactics.

Over the years you treat everyone in business and your private life with the same respect you receive back, that's my golden rule, your in business to survive and make money in as trouble-free way as possible.

West Bromwich has broken every rule in my book, they have shown their true colours...so my gloves are off.

I took the decision to start to sell a high yielding property investment to minimise exposure to WB, I did not renew the tenants lease the property has now been marketed for sale, exposure on this house..... £250k with WB. I am now down by £2000 each month on my rental income as the property sits empty ready to be sold, coupled with a large mortgage increase and soon the council tax will kick in. The WB decision of 2% rise (1.9%... I mean) was for me an unseen event, even given my time in the industry, a risk which next month may be 5%....10% ...15% who knows??? If the new WB head quarters building cost go over budget you can bet the tracker rate will go up again.

So, here you have it........I fully support litigation,

I want to see justice in a court I want to .....'PULL WB PANTS DOWN'

Restoring my contract with WB back to the agreed contractual rate above base and getting back my increased mortgage payments is not enough restitution for me.

My investment loss is mounting on a daily basis as detailed above, I want to win in court for the whole group, for I am sure their are many people like me with a tale to tell.

I shall pursue and recover the maximum financial loss / damages that I am able to through the courts.

I did originally intend to post this comment on the secure site, only my anger seemed to run on....the post is not relevant on that thread.

Which ever way the group decides to go at the meeting, I will back that decision all the way.

TSFI - I have shared your post on Facebook, Twitter and Linked In as I believe reading it may even bring more affected folk on-side - hope that's ok?

Reply to the comment left by "Denise D" at "26/02/2014 - 09:36":

Thanks Denise

Reply to the comment left by "The Seasoned Female Investor" at "26/02/2014 - 09:20":

Superb post.

I will RT Denise too 🙂
.

TSFI and others: Please be aware that you are unlikely to be able to recover damages beyond the direct losses attributable to the alleged breach of contract by WBBS. It may seem entirely reasonable to have taken the steps that you have outlined but they will undoubtedly say that the loss of rental income and associated expenses e.g. council tax are a result of your decision to sell the property, not of the rate increase. They will argue that any loss beyond the actual increase in the interest payable is too remote and that you have failed to mitigate your loss, i.e. keep it to a minimum, which is a legal requirement that is taken into account in assessing damages.

Reply to the comment left by "The Seasoned Female Investor" at "26/02/2014 - 09:20":

Well,

You have put forward a good case for the financial aspects to the case but you kindly, probably humbly and respectfully, omitted the other impacts of your investment such as:

1. The impact on your personal well-being due to the stress caused by this hike
2. The fact that your property is sitting empty and potentially poses a security risk

You already know the question insurers ask "Has the property been unoccupied for any period of time"