Bank of Ireland BTL case - going for solicitors

The group of landlords lead by Mark Alexander of Property118 have put there lawsuit against the Bank of Ireland on hold.

The case echoes their victory against the West Bromwich Building Society over raising the base rate on BTL tracker mortgages.

The Bank of Ireland decided to raise the rate on their  base rate trackers back in 2013 impacting on 13,500 mortgages.

Mark Alexander comments:

 “The cost of taking the Bank of Ireland to court to challenge their understanding of law would be around £1m because we would have to make provisions for paying their legal fees if we were to fail."

To minimise their financial risk, the landlord crowdfunded group are now looking at taking the solicitors who advised the Bank of Ireland to court. 

Hoping this way, if they win, the number and the value of these claims will force the solicitors to pay/cover for the legal action against the Bank of Ireland.

'Sue your solicitor' borrowers in Bank of Ireland tracker fight told https://t.co/6n6XGBqNdW via @thisismoney @iAmALandlord

— Cotswold Barristers (@Cotswoldbrief) November 15, 2016

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