The programme, called Your Money, will air on Saturday 26th October at 10.30pm.
Back in May, Landlord Action were part of a campaign being brought against the Bank of Ireland after it wrote to thousands of its borrowers advising that they would be increasing their margin over bank base rate on lifetime tracker mortgages, meaning some mortgage payments would’ve doubled or even tripled. The campaign still continues although the bank has backed down in relation to about 10% of those affected.
Now, in a similar case, West Bromwich Building Society has announced an increased rate on its tracker mortgages of 2%.
Mr Justin Selig says:
"West Brom is the latest lender to use small print written into mortgage contracts to hike repayments for borrowers. Such increases could see some landlords having to find hundreds or thousands of pounds extra a month, a cost they simply won’t be able to pass on to tenants. It is completely unacceptable. We are fighting the Bank of Ireland, and with the help of the 700 hundred landlords I have already received contact from, we are already planning a legal class action against West Bromwich Building Society.”
