Miscalculated Mortgages By West Bromwich Building Society

Miscalculated Mortgages From West Bromwich Building Society

If you currently have a mortgage with the West Brom or have done in the past, there is substantial chance that you may have been caught up in many of the financial scandals to hit this particular lender and that in turn, that the interest and charges on your borrowing may have been miscalculated.

Originally formed away back in 1849, they embarked on a very aggressive growth strategy at the start of the millennium. This saw them open up their lending to buy to let and commercial borrowing. To fund it, they replicated the Northern Rock model of borrowing funds from the financial markets. In 2009 a phenomenal 31% of all their funding came from that source.

This policy and disastrous lending lead to the last minute rescue in 2009. Their lending book has become completely unbalanced, with its prime mortgage book sitting at just over £2.6 billion, but commercial and buy to let lending coming in at £1.5 billion and £3.1 billion respectively. Bondholders finally agreed to swap over £180 million of debt for a 25% share in future profits.

In June 2016, the Court of Appeal found against a controversial decision that they made in 2013 to increase the interest rate on buy to let loans taken by landlords between 2006 and 2008. They mistakenly believed that the terms and conditions that accompanied these loans offer allowed them to increase interest rate margins. The judge ruled that the very precise details of the respective mortgage offers were how the coordinates of the borrowing should have been run. The decision left West Brom with a compensation bill of £27.5 million. Several thousand customers were affected.

If that wasn’t enough, in June 2014, they also had to admit to charging errors when redeeming mortgages. Again, thousands of customers were forced into paying extra interest. This arose through an incorrect interpretation of mortgage terms and conditions on borrowing taken in the main between 2004 and 2007. Incredibly, no FCA fines have ever been levied against West Brom.

If you currently have a mortgage with West Brom that was taken in 2009 or previously and for initially no less than £80,000 to £100,000, Beat the Banks are offering an entirely free mortgage audit. We can also consider any mortgages for similar opening amounts taken with them after 2000 and repaid a minimum of seven years later.

For more information on how to receive our entirely free mortgage audit, please contact Beat the Banks on 01382 200474 or for free on 0800 193 1234. Or if you live locally, why not simply pop into our office with any of your mortgage paperwork and we can start the audit process immediately. Our hours are 8am-8pm weekdays, except for Fridays when we close at 6pm. On Saturdays it 10am-2pm.

Free Mortgage Audit

We’ve worked for banks on the inside. We know that they often get it wrong and when they do, they try to cover it up.








Are you eligible?

Have you been with the same mortgage provider since 2009 or earlier?

You are eligible to claim

If you originally borrowed more than £100,000

Are you eligible?

Was your mortgage taken through a non-mainstream lender (often referred to as a sub-prime mortgage) on or before 2011?

You are eligible to claim

If you originally borrowed more than £75,000

Are you eligible?

Did you repay your mortgage in the last 10 years and were you with the same lender for more than 7 years?

You are eligible to claim

If you originally borrowed more than £100,000 or £75,000 if via a non-mainstream lender

How were mistakes made?

Miscalculated West Bromwich Building Society Mortgages

Beat the Banks have uncovered that millions of mortgage customers of West Bromwich Building Society in the UK have been systematically overcharged interest and charges on their borrowing. This can range from a simple breach of the mortgage terms and conditions through to unfairly managing mortgage arrears.

By auditing thousands of mortgages, we can establish that the incorrect application of interest and charges by lenders can apply in up to 85% of all mortgage contracts. This includes interest only and buy to let borrowing.

In conjunction with industry partners, we can now fully audit how charges and interest payments have applied to mortgages in direct comparison to what has been stated in the T&C’s accompanying the lending.

In many cases, sight of the Mortgage Offer alone can give sufficient indication that a claim is likely.








The key criteria and being eligible to claim?

In many cases, sight of the mortgage offer alone can often give sufficient indication that a claim is likely. If you have this paperwork available then you can post, scan or email the information to us along with our signed authority permitting Beat the Banks to share the contents of your mortgage paperwork with our partners. If you prefer, you can simply bring your documents along to our office in the centre of Dundee. Sight of the loan offer is helpful, but not essential.

If a mortgage meets the key criteria, the next stage is to recover the FULL borrowing records from the mortgage provider via a Subject Access Request under the terms of the Data Protection Act 1998. Once received, the file is checked to ensure the lender has fully supplied the correct information to allow a full audit to take place. The documentation is then passed to our partners.

Details from the loan offer and the mortgage terms and conditions along with annual statements, rate change letters and any associated correspondence are then fed into our certified and validated mortgage checker. A report is collated highlighting and verifying the scale of any interest and charges applied to the borrowing in error.

You will then be advised of the outcome. If we believe that there is no claim or if any claim is of insufficient value to proceed, we will advise you. You will not be liable for any of the costs that we have incurred to date.

If we believe that the level of interest and/or charges applied to your mortgage account are of sufficient value to proceed with a claim, we will let you know. If you decide not to proceed, you will not be liable for any of the costs incurred to date.

Should you wish to proceed, we will forward your file to our solicitors and they will contact you to progress a claim. To engage their services, you will be asked to sign and accept their terms and conditions and also a contingency fee agreement.

To find out more on how we can help you recover overpaid interest and charges on your mortgage, our office numbers are 01382 200474 or 0800 193 1234. We are open from 8am-8pm Monday to Thursday. On Fridays we close at 6pm and on Saturdays it’s 10am-2pm.

If you prefer, you can email enquiries to claim@beatthebanks.co.uk or simply call with your paperwork to our office.

Over 30 Years

In Financial Forensics

Contact us today, start your claim journey and together we will beat the banks.

Or call us: 0800 1931 234

Address

11 Albert Square, Meadowside, Dundee, DD1 1DD

Phone

0800 1931 234

Fax

+44 (0) 1382 201 284

Email

claim@beatthebanks.co.uk

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Beat The Banks

11  Albert Square

Meadowside

Dundee

DD1 1DD

 

Company Registration No: SC413541 PPI Reclaims (Scotland) Ltd Claims Licence number CRM29125.