Thursday, Jan 22, 2015

Mwahahahahaha.

Daily Mail: Lender accused of rip-off over buy-to-let deals: Building society accused of raising rates on a 'whim' to boost its coffers

A building society illegally ramped up interest rates for thousands of its buy-to-let customers on a ‘whim’ to boost its coffers, a court heard yesterday.
West Bromwich Building Society is accused of ripping off landlords with tracker mortgages by increasing their rates by two percentage points without warning.
Tracker mortgages are supposed to follow the Bank of England’s base rate, which has remained at an historic low of 0.5 per cent for almost six years.
But the building society shocked customers when they ramped up their rates in December 2013, pushing some from 1.99 per cent above the base rate to 3.99 per cent.

Posted by khards @ 07:59 AM (5167 views)
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4 Comments

1. landofconfusion said...

And they didn't even give them 6 months notice of the increase. Terrible. ;-)

Thursday, January 22, 2015 10:07AM Report Comment
 

2. Mrmx9 said...

West Bromwch building society is a mutual. It was set up like other local societies to support average people to buy homes to live in. It was not created to bankroll landlords.

So it's perfectly reasonable for it to s***w over buy to let landlords - just a pity it's stopped worrying about the young needing to buy their own home.

Thursday, January 22, 2015 10:54AM Report Comment
 

3. mombers said...

Well this isn't a problem at all because the landlord can just pass the cost onto the tenant, right?

Thursday, January 22, 2015 01:14PM Report Comment
 

4. reticent said...

It's a pity they couldn't an outcome where both the banks and the landlords lost

Thursday, January 22, 2015 02:28PM Report Comment
 

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