West Brom hike 6,700 existing customer buy-to-let mortgages

Aaron Strutt Image
West Brom Building Society has told 6,700 of its buy-to-let mortgage customers that their rates will increase by 2% on 1 December. All of their existing borrowers facing the increase have mortgage accounts with the West Bromwich Mortgage Company, their one-time specialist lending arm. The West Brom move follows the Bank of Ireland's previous rate hike of 2.49% for 13,500 of its customers. Both lenders activated a clause in their mortgage offers to charge their customers more. Aaron Strutt, product manager at Trinity Financial, says: "Many of West Brom's buy-to-let customers will be looking to switch lenders. Luckily for them there is a huge amount of competition between the buy-to-let mortgage lenders to attract new customers. "Trinity has access to number of lenders offering cash back to landlords looking to switch lenders and there are some great rates available." September 27, 2013
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