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Monday, February 10, 2014

EDM against raising of BTL trackers

Have you been hit by your lender changing their tracker rates?

The main culprits seem to be the Bank of Ireland and the West Bromwich Building Society.  It looks like our trusty politicians are on the case though.

42 MPs recently supported the early day motion of:

That this House condemns mortgage lenders breaching tracker rate mortgage contracts by unilaterally increasing the margin they charge over the Bank of England base rate in order to increase their profit margins and deliberately targeting borrowers where consumer protection law is ambiguous; and calls on the Government to investigate the alleged associated recent activities of the Bank of Ireland and West Bromwich Building Society.

We'll see whether this has any impact into shaming the lenders to change of mind.  If you have been affected you could sign this petition or post a comment below.  My personal favourite method of campaigning is to don my best string vest (a la Rigsby) and chain myself to the railing of the Houses of Parliament.  Guaranteed to get results watch!

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1 comment:

Anonymous said...

The campaign is being spearheaded by A fighting fund has been raised and Opinions have now been obtained. See West Bromwich legal action.
Angry borrower.