West Bromwich buy to let mortgage compensation – are you due a refund?
The Court of Appeal has now ruled that the West Bromwich BS acted unlawfully in varying its buy-to-let tracker mortgage rates without a change to the BoE base rate.
The court case has been won by landlords, who took the lender to court over their hiking rates using a clause in their contract stating - the lender could adjust rates in line with market conditions even if the base rate stayed the same.
This increase led to many landlords experiencing a rate increase of almost 2% in December 2013, despite no base rate increase.
The decision will benefit landlords who took out a BTL mortgage with the West Bromwich up to 2008, and mortgage holders will be reimbursed according to their over payment.
If you have a West Bromwich BLT mortgage and are now looking to switch deals, call us at Deal Direct.
We offer no-obligation mortgage advice, if you are looking for general financial advice as to the suitability of property as an investment then seek independent financial advice.
Deal Direct are regulated by the FCA to offer mortgage advice.
Please note:
Buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.
Call us today on 0800 048 8828 for a buy to let deal.
