Two more Buy to Let lenders in the firing line

Time concept: arrows in Hourglass target on wall backgroundFollowing a recent court ruling, which saw West Bromwich Building Society forced to refund over £27 million to Buy to Let investors, two other mortgage lenders are now facing legal action. Buy to let investors who have mortgages with Skipton Building Society and Bank of Ireland are set to mount a legal challenge, which if successful, could see large refunds, similar to those paid to customers of the West Bromwich Building Society. The action by investors follows he decision of both Skipton Building Society ...

Buy to Let: Thousands to get refund after court decision

red refund stamp on tax formThousands of Buy to Let mortgage holders are due to share a £27.5 million pay out after a historic court ruling. The ruling, from the Court of Appeal comes after the West Bromwich Building Society increased the interest rate paid by 6,000 Buy to Let investors in December 2013. The hike saw tracker interest rates increased by 1.9% despite the Bank of England leaving base rate unchanged, at 0.5%, for years. Challenging the decision, a group of investors took the building society to court and has now won ...

Buy to let: Thousands of borrowers face interest rate hike

iStock_000010528981XSmallThousands of buy to let investors are facing a hike in interest rates, which will significantly increase their monthly mortgage repayments. Despite Bank of England base rate remaining at 0.5% and with no movement expected by most financial experts for at least another three years, the West Bromwich Building Society has announced an interest rate rise for buy to let investors. The move means some 6,700 buy to let investors will see their interest rate rise by 2% from 1st December onwards; ...