Thousands of buy-to-let landlords in the West Bromwich area are to share a multimillion-pound pay-out after winning a case against West Bromwich Building Society.
The case began in 2013 when the building society decided to increase the monthly cost for customers with buy-to-let mortgages despite the fact that the Bank of England’s base rate had not changed. Judges from the Court of Appeal judges have since declared that the building society was not legally allowed to do so – they have now been left with a £27.5m bill.
The mortgage company increased their rates by two per cent despite the base rate not moving from 0.5 per cent since 2009. The case has been described as a “David and Goliath” legal battle and the action group involved in the case have said that the buy-to-let landlords affected often lacked the experience and finances to defend their legal rights.
It is not yet clear how or when the money will be distributed, but some borrowers are set to receive thousands of pounds. The result also sends a message to other mortgage lenders that may have considered doing something similar.
The complex case lasted for three years. Inventories are a critical part of any dispute with tenants and provide information for landlords and tenants about the condition of the property – reducing any ambiguity or doubt by having evidence to hand.
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