{"id":1093,"date":"2013-09-30T08:04:02","date_gmt":"2013-09-30T08:04:02","guid":{"rendered":"http:\/\/www.propertyportfoliosoftware.co.uk\/blog\/?p=1093"},"modified":"2013-09-30T08:04:02","modified_gmt":"2013-09-30T08:04:02","slug":"west-bromwich-building-society-raises-landlord-mortgage-rates","status":"publish","type":"post","link":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/west-bromwich-building-society-raises-landlord-mortgage-rates.html","title":{"rendered":"West Bromwich Building Society Raises Landlord Mortgage Rates"},"content":{"rendered":"<p><a href=\"http:\/\/www.propertyportfoliosoftware.co.uk\/video.create_mortgage_loan.html#watch-demo-anchor\">Landlords who have mortgages<\/a> with the West Bromwich Building Society are<br \/>\nprobably crying into their cups of tea about now. Despite the fact the Bank of<br \/>\nEngland base rate has not shifted above 0.5% for four years, the West Bromwich<br \/>\nBuilding Society has decided to hike the interest rate on their buy to let<br \/>\ntracker mortgages by a whopping 2%. This unwelcome change will come into<br \/>\neffect on December 1st.<\/p>\n<p><strong>The Building Society&#8217;s Explanation\u2026<\/strong><\/p>\n<p>According to representatives from the West Bromwich Building Society, the<br \/>\ninterest rate has been increased as a result of &#8216;market conditions&#8217;. Seems<br \/>\nunlikely, but there you go. Not all landlords will be affected, however\u2014only<br \/>\nthose who own multiple properties and who took out a tracker mortgage with the<br \/>\nWest Bromwich Mortgage Company, a former specialist subsidiary of the current<br \/>\nWest Bromwich Building Society, are going to be hit by the new increase in<br \/>\ninterest rate.<\/p>\n<p><strong>Mortgage Brokers Express Surprise at the Move<\/strong><\/p>\n<p>Leading mortgage brokers are surprised that the building society has felt the<br \/>\nneed to raise interest rates when the Bank of England Base Rate continues to<br \/>\nremain at an all-time historic low. <a href=\"http:\/\/www.propertyportfoliosoftware.co.uk\/video.property_purchase_and_selling.html#watch-demo-anchor\">Landlords<\/a> won&#8217;t be too happy either\u2014a 2%<br \/>\ninterest rate hike will add \u00a3125 per month to a \u00a3100,000 loan, which is no<br \/>\nsmall amount if your profit margins are quite tight. But the best way to deal<br \/>\nwith the bad news is to vote with your feet. Start looking around for a better<br \/>\ndeal elsewhere and pray that the other high street lenders don\u2019t decide to<br \/>\nfollow suit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Landlords who have mortgages with the West Bromwich Building Society are probably crying into their cups of tea about now. Despite the fact the Bank of England base rate has not shifted above 0.5% for four years, the West Bromwich &hellip; <a href=\"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/west-bromwich-building-society-raises-landlord-mortgage-rates.html\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1093","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1093"}],"version-history":[{"count":2,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1093\/revisions"}],"predecessor-version":[{"id":1095,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1093\/revisions\/1095"}],"wp:attachment":[{"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}