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Thursday, January 29, 2015

The West Brom BS verdict

A group of landlords, lead by Property118's Mark Alexander have lost their case against the West Bromwich Building Society.

Today in the High Court, Justice Teare ruled that West Brom BS were within their rights to increase the premium (margin) on the rate they charge above the Bank of England base rate.

The judge also ruled that the building society had the right to call in mortgages with 30 days notice. 

Mark Alexander commented "I am extremely disappointed to report that we didn’t get the News we were so desperately hoping to receive." 

The decision leaves the group of 360 landlords, who had donated £500,000 to fund the fight wondering as to whether to fight on with an appeal.

Read Mark Alexander's full and frank assessment of the West Brom BS case verdict

Read more comment on the verdict -

The West Brom verdict from MoneyMarketing 
The West Brom victory in This is Money
The West Brom verdict in the Telegraph

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