West Brom wins High Court battle over buy-to-let rate hike
The West Brom Building Society has won its High Court fight against a group of 400 individuals trying to reverse its rate hike decision.
In September 2013, West Brom increased its buy-to-let tracker rate by 2% for 6,700 existing customers in a highly controversial move that caused outrage, particularly amongst borrowers unable to remortgage to another lender.
A West Brom spokesman was quoted by MoneyMarketing.co.uk saying: “We have always maintained that we acted entirely within the terms and conditions of these buy-to-let mortgages and the court’s ruling wholly justifies our position.
“The increase was made to reflect changing market conditions and the need for us to carry out our business prudently, efficiently and competitively and in the best interests of our members.”
According to reports, the rate increase has been reduced from 2% to 1.5%.
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