Richlist Posted June 9, 2016 Report Share Posted June 9, 2016 Great news. West Bromwich Loose the case in the appeal courts. This has far reaching consequences for the 1 million tracker mortgages in the UK See news report here.... http://www.bbc.co.uk/news/business-36480101 I have 6 West Bromwich mortgages so I'm looking forward to a significant refund in due course. Link to comment Share on other sites More sharing options...
Mortitia Posted June 9, 2016 Report Share Posted June 9, 2016 Seems odd that they will record a loss in this coming year over this incident. Maybe a case of over optimism on their part? Link to comment Share on other sites More sharing options...
Richlist Posted June 9, 2016 Author Report Share Posted June 9, 2016 Odd that they will record a loss, why ? West Bromwich (6th largest b/society in the country) will be refunding £27.5 million to BTL tracker mortgage holders in the coming weeks. That is going to make a dent in any company's balance sheet. What's odd is that they obviously received advice suggesting that they could legitimately increase the interest rates. Bank of Ireland and Skipton b/soc have done similar. I expect there will be further legal action now unless they follow suit and refund their borrowers. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted June 9, 2016 Report Share Posted June 9, 2016 I imagine Mortgage Express, amongst others, were waiting for the outcome wishing to follow suit. I reckon this has saved me a few quids. But we could offset the extra against tax (for a little while yet) but so can they with their reduced profit so I'll not feel guilty. Link to comment Share on other sites More sharing options...
Melboy Posted June 10, 2016 Report Share Posted June 10, 2016 I read this news yesterday and thought Richlist is going to be one happy bunny at this news. I think the Courts decision is a good one though. Link to comment Share on other sites More sharing options...
Richlist Posted June 10, 2016 Author Report Share Posted June 10, 2016 Yes you are right CoR, it was reported that a number of lenders were watching the West Bromwich case closely and would no doubt have done the same if the court ruling had gone the other way. Melboy, I'm so looking forward to receiving my money plus interest. However, unfortunately I will have to pay tax on the refund as I have offset the increased mortgage interest against rental income. Link to comment Share on other sites More sharing options...
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