To landlords who were overcharged
A major mortgage lender is to refund over £27 million to landlords that were overcharged on their buy-to-let mortgage, due to an incorrect rate increase. It is estimated that 6,500 landlords are now due a refund, an average £400 each, for the error. Are you due a refund?
This does not constitute advice and advice should be sought in all instances before acting on it.
Your property may be at risk should you be unable to maintain any agreed mortgage payments over the term agreed.
Are you due a refund?
In September 2013, West Bromwich Mortgages incorrectly announced a rise in their Tracker Mortgage by 1.9%, despite the fact that the Bank of England base rate hadn’t risen.
They say at the time they acted to protect their savers and aim to always treat customers fairly.
“..our approach was in the best interests of the Society and it’s members as a whole.” Jonathan Westhoff, Chief Executive, West Bromwich Building Society.
The case came about through a former mortgage broker, Mr Alexander, who found himself in this position. His advice website attracted other landlords who had experienced the same rate increase and so he took matters to court.
The High Court had previously ruled in favour of West Bromwich Mortgages, but more recently this decision has been reversed.
The consequences of this refund pay-out means this year the Building Society will record a loss. They reassure their customers though that they remain in a strong capital position.
“We will now contact all affected borrowers and ensure we process promptly any reimbursements they are due”. West Bromwich Mortgages
Qualify for a refund? Or need a buy-to-let mortgage?
Dental & Medical Financial Services can help with all your buy-to-let mortgage requirements. Call Chris for bespoke advice.
Tel: 01403 780 770