Thousands of buy to let landlords with tracker mortgages are up in arms
\nagainst the West Bromwich Building Society’s decision to raise its tracker
\nrate by 2%, even though the Bank of England base rate hasn’t moved in four
\nyears.<\/p>\n
Building Society Attempts to Justify Rise<\/strong> Landlords Fight Back<\/strong> Many landlords fear that other lenders will jump on the bandwagon and raise Landlords<\/a>: have you been affected by the West Bromwich Building Society or Thousands of buy to let landlords with tracker mortgages are up in arms against the West Bromwich Building Society’s decision to raise its tracker rate by 2%, even though the Bank of England base rate hasn’t moved in four years. … Continue reading
\nAccording to the BBC, the West Bromwich Building Society is justifying the
\nrise by saying it has no choice because it now costing more for them to fund
\ntracker mortgages<\/a>. It also claims there is a clause in its terms and
\nconditions that allows it to alter interest rates\u2014something many customers are
\ndisputing.<\/p>\n
\nOne landlord fighting against the building society is the equivalent of David
\ntrying to take a stand against Goliath. But it isn’t just one landlord
\nfighting back. More than one thousand aggrieved buy to let landlords from an
\nonline property forum have joined forces. Many have already sent their cases
\nto a firm of solicitors, who are also representing customers unhappy with the
\nBank of Ireland (who also raised their rates some time ago).<\/p>\n
\ntheir rates and mortgage brokers are advising anyone affected by the current
\nincreases to contact the FCA via letter. The buy to let mortgage sector isn’t
\nregulated, but lenders are, so it is worth complaining.<\/p>\n
\nBank of Ireland rate hike? If so let us know whether you are taking action to
\ntry and force the lenders to do a ‘u’ turn<\/p>\n","protected":false},"excerpt":{"rendered":"