Richlist Posted September 22, 2013 Report Share Posted September 22, 2013 Bad news for those of us with West Brom' Mortgages. I haven't received a letter and feel unhappy at learning about it from a newspaper article ! I'll be taking legal advice & I feel a letter to my MP is imminent. http://www.dailymail.co.uk/money/mortgageshome/article-2427933/JEFF-PRESTRIDGE-Landlords-taking-hit-help-savers.html Link to comment Share on other sites More sharing options...
Melboy Posted September 22, 2013 Report Share Posted September 22, 2013 Is that your comment from Clacton RL? It had to happen sooner or later RL and I would suspect this will be the first of many IR changes that will happen. I have a Coventry account which is earning me 5% which I locked into 5 years ago. It comes to an end next year. I bet the Coventry BS hate me as a saver as I have a considerable amount of Dosh stashed in there. Link to comment Share on other sites More sharing options...
Richlist Posted September 23, 2013 Author Report Share Posted September 23, 2013 I'm nowhere near Clacton. Its just another example of a financial organisation breaking their word. We took some10 year fixed rate mortgages with this outfit and now they are selectively uping the rate by 2%. Seems like discrimination against professional landlords. The whole idea of fixed rate loans is to fix the rate and aid financial planning. We have loans with these jokers totalling nearly half a million pounds so an unexpected 2% rate rise is not going to go unnoticed. Link to comment Share on other sites More sharing options...
Melboy Posted September 23, 2013 Report Share Posted September 23, 2013 If it's a guaranteed fixed rate over 10 years then your right they have to stick to that contract of agreement. Link to comment Share on other sites More sharing options...
Richlist Posted September 23, 2013 Author Report Share Posted September 23, 2013 I'd have thought so as well BUT appantly there's a clause in the mortgage terms & conditions that says otherwise. I'll have a look thru the paperwork later today. With all the threats to landlords about unfair clauses......you'd think this might fall into the same category. This is gonna cost us almost £10,000 pa in extra interest. Its not going to cause us any financial problems but it will certainly reduce our bottom line profits. I'll certainly have to think twice about replacing my Ferrari. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted September 23, 2013 Report Share Posted September 23, 2013 You could do with making contact with other LL's in the same position. On your own you fight with disadvantage, as a mob it must be better especially if there are going to be legal fees. Link to comment Share on other sites More sharing options...
Melboy Posted September 23, 2013 Report Share Posted September 23, 2013 I'll certainly have to think twice about replacing my Ferrari. .................and cancel the Sunseeker order. Link to comment Share on other sites More sharing options...
Richlist Posted September 24, 2013 Author Report Share Posted September 24, 2013 I haven't received any communication from the West Brom yet so until I do I've limited further action to just sending an email to Jeff Prestridge, the personal finance editor of the Mail on Sunday. No doubt he will be making further comment on this issue in due course and my two' pence worth will add to that input. Link to comment Share on other sites More sharing options...
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