West Bromwich Building Society Tracker Margins Legal Action

Reply to the comment left by "Mark Alexander" at "18/10/2013 - 07:21":

We are in agreement Mark - this sounds like the best and most 'professional' approach - we will definitely come along and support, it will be good to meet everyone!

Mark
Must be a strange page as cant send a link .
Cant copy and paste the link as it is not recognized !
From John @ resident broker ..
PROPERTY FINANCE NEWSWIRE FROM RESIDENT BROKER

15th October 2013
Greetings!

Welcome to another Resident Broker newsletter - it's been a while but we would never leave you!

The buy to let market has been going from strength to strength over the last few weeks. Many lenders are still looking to increase their market share, which has helped pricing, and there is an optimism about the property market that hasn't been seen for a long while.

So I've included some examples of our most competitive buy to let mortgages- including a 5 year BTL fixed rate mortgage under at 4.69%, industry news and a lender being naughty again, read on for more below...

P.S. Have you got a BM Solutions mortgage and not looked at switching it yet? You may be losing out - see the end of this newsletter.
And here are the contents:
News and Views
Buy To Let Product Picks
Invest In Films
BM Product Transfers
NEWS AND VIEWS

Interest Rate
Help To Buy - who is in?

Now whilst Resident Broker is primarily a buy to let mortgage brokerage, we do keep an eye on the residential market as it does have an impact on investors.

So the bringing forward of the Help to Buy scheme last week was an interesting development. I've had many conversations over the last week about what it means to you, the investor, and the overall thought is - we're not sure yet!

Part of this confusion has been caused by doubting whether lenders will actually be ready to deliver the scheme, but I would say with all this political pressure ensued upon them, they will be ready sooner that you think. In fact I've got a great graphic to share with you to let you know where lending stands at the moment - 10/10/13 - and you can find it here.

West Brom - increase rates for 6,700 customers

West Bromwich building society have taken a novel approach to raising their profile by deciding to increasing their rates by 2% on certain existing customers who hold tracker mortgages with them. The building society says it has increased the trackers as a result of "market conditions" and that the change is allowed as part of the mortgage contract.

Flippancy aside, this raises a number of issues about trust, communication and transparency. If you are not happy about this then you might want to visit here.

-Property118--------------------------

from John at Resident Broker

Reply to the comment left by "Peter Cole" at "18/10/2013 - 07:30":

Thanks for your supportive comment Peter.

I would also point out that I still like the idea of getting the graveyard posters printed up and scattering them around the Press Conference together with our other messages for the Press to consider. They might like the images and use them 🙂

If a handful of people really want to dress up as the Grim Reaper or a Vicar and bring a collapseable coffin etc. to the Press Conference there's nothing to stop them doing that either as it will not be a protest but will be light entertainment. Dressing up and clowning around isn't not really my style but if a few people are really up for it why not hey?

Having said all that, and to prove I'm not a complete party pooper, I did once help a friend to make a promo video - spookily similar concept to the one suggested too! Do you recognise the guy with the champagne? LOL >>> http://www.youtube.com/watch?v=_QJdK6ynGpw&feature=player_detailpage
.

Reply to the comment left by "Alexander Law" at "17/10/2013 - 20:12":

Well done Alexander, that's exactly the way it should be done 🙂

If they do publish something and it appears on their website please post a link here.
.

Writing to the non Execs at WBBS may be a very profitable angle.

At LettingFocus, over the years, we constantly pointed out the unfairness of the various lenders bans on landlords letting properties to tenants who are on housing benefits.

When we gave evidence to the London Mayor's Housing and Regeneration Cttee on the private rented sector, we made this point very forcefully - which is on the record. (December 2012)

Many of the Assembly Members - senior councillors at the London councils - were unaware that this was even happening.

A few months after this, we were tipped off by a trusted source that Nationwide was in the next few days about to reverse its policy on this, which they duly did - back in May 2013.

Our source told us that, at Nationwide, following our appearance at the London Assembly and other press (including some from Shelter) there had been an almighty stink about this issue. The row had been instigated by one of more board members at Nationwide.

You have to remember that there are ordinary people who will be on the board at WBBS.

They may not even be aware that WBBS are doing this - and when made aware, may well be key in getting a review of this policy.

You absolutely must pursue this approach. It is a good idea.

And it should be combined with press in the local West Mids area, where it is likely some on the board will still live.

David Lawrenson
LettingFocus.com
Private Rental Sector Consultancy

Reply to the comment left by "David Lawrenson" at "18/10/2013 - 08:21":

Thanks for your advice David, it is much appreciated.

I also feel compelled to comment on your excellent post last night and the research that you have been undertaking. From what I can gather, from the summary of your research into Mortgage Conditions, it would appear that the BM Solutions and C&G terms are not dissimilar to those being imposed by West Brom? If that is the case it needs to be publicised.

Also, you may have noticed that in the Class Action Tracker Article (linked below this comment) I am also linking back to websites which are carrying our latest Press Release (see http://www.property118.com/press-release-tracker-rate-mortgages/).

Maybe you could combine the Press Release with comments on your research to create another article on your website. If it links back to us then we will reciprocate and add your article to our Class Action Update Page 🙂
.

Just to add to previous post, many non Execs of building societies still cling to the fair and ethical principles on which the building societies movement was built.

There is a good chance they will be horrified to learn what WBBS has done and what looks like an unethical thing (chances are they are not even aware at present), and to learn of a move which has garnered the society a lot of negative press.

Definitely a route worth pursuing, based on our past experience of what happened at Nationwide.

David Lawrenson
LettingFocus.com
PRS Consultancy

Reply to the comment left by "Mark Alexander" at "18/10/2013 - 08:42":

Sure, will do, Mark
Please do refer any press you get to our own blog post too.
I am, of course, referring press enquiries I am getting over to you too, to learn about your class action, for additional comments from you and for case studies.

Reply to the comment left by "Mark Alexander" at "18/10/2013 - 07:21":

Cheers Mark. I was holding the mock funeral idea loosely. I'll go with your thoughts and the advice that your PR contacts give you.

I am not keen doing a sketch within a news conference, which will be too cramped to look anything but crap. But maybe it can be done outside the venue - I can wait until the news conference is organised and venue, numbers etc are known.

The other option would be to have the 2 events completely separate on the same day and make the mock funeral generally 'anti-bank' with even the Occupy type protesters invited. The link will only be made in the TV coverage. But perhaps this is an even more risky tactic!

Reply to the comment left by "Mark Alexander" at "18/10/2013 - 07:44":

Thanks for sharing the video Mark - lol! Great stuff!