MSE News: Buy-to-let borrowers hit by West Brom mortgage hike

jaybeetoo

Richard_Watters wrote: »

Yeah, greedy landlords deserve what's coming.

What are you on about?

harpoboy

brit1234 wrote: »

If it gives better rates like they say to savers I welcome it.

Hi brit

Nice to see you've amended your signature.

It makes you look marginally less foolish.

sanchia

Phreaky wrote: »

About time. Vultures.

I'm in full agreement with this comment.

I have small portfolio 4 properties which helps support my state pension. My mortgages ended. Two companies extended the BTL mortgages by 15 years for a small admin fee. One is giving me time to remortgage at the same monthly payment.
WEST BROM. say "we will work with you" to help and give you time to sell or remortgage but they RAISED THE MONTHLY PAYMENT BY £377!! This is much higher than the rental income and is reducing my state pension. I have never missed any payment to any company at anytime; my credit rating is excellent but to avoid losing it I am now selling my home which is mortgaged and will have to rent myself.
Does anyone know a mortgage company who would remortgage for me lower than 25% deposit and respect old age pensioners?

Richard_Watters

There is a class action being organised to fight this on the basis that this is illegal. I don't think I'm allowed to post links on here but if you click my name my website is on my profile. Read the blog on my home page and it tells you how to sign up for this.

They must not be allowed to get away with this!

Richard_Watters

jaybeetoo wrote: »

What are you on about?

Just paraphrasing what most people think!

MisterMotivated

Phreaky wrote: »

About time. Vultures.

sanchia wrote: »

I'm in full agreement with this comment.

I may be wrong (apologies if I am), but I think Phreaky's comment was actually aimed at BTL landlords and not at West Brom

silvercar

brit1234 wrote: »

If it gives better rates like they say to savers I welcome it.

Self interest?

brit1234

silvercar wrote: »

Self interest?

Yes. There are far more savers than people with mortgages. For 4-5 years buy to let landlords have been given the stupidly low mortgage rates at the expense of taking it from prudent savers. In return they have increased rents.

If a small 2% rise at these extra low rates is unaffordable then your business is unsustainable. Perhaps you should sell in January with help to buy 2 to maximize your returns and then maybe add it to your pension as an annuity.

The simple fact is that banks can't operate sustainably while interest rates are so low and they all need to improve their balance sheets.

Thrugelmir

Richard_Watters wrote: »

There is a class action being organised to fight this on the basis that this is illegal. I don't think I'm allowed to post links on here but if you click my name my website is on my profile. Read the blog on my home page and it tells you how to sign up for this.

They must not be allowed to get away with this!

How do you propose funding a class action?

Richard_Watters

If you follow the above you'll see.