It is not my fault the property market collapsed.
It is not my fault market conditions have changed.
It is not my fault West Bromwich Building Society cannot run their business prudently, efficiently and competitively.
So why West Bromwich Building Society, do you think you can pin the blame on me and the other 6,000-odd buy to let borrowers who took out a mortgage with you?
Why do you think you can now change the rules?
Why do you think you can pull out the “RTFM” card and jack up interest rates to sort your beleaguered business out?
Why did I sign a legally binding mortgage contract which clearly states my loan is a variable rate which is the same as the Bank of England base rate, with a premium of 0.99%, until the term end, when you can just change it?
Which is what you plan to do, just in time for Christmas this year.
Apparently adding another 2% premium to my mortgage will help you run your business more efficiently, prudently and competitively.
But I am at a total loss what any of this has got to do with me and the mortgage I took out with you SIX years ago. My mortgage contract very clearly states what I am expected to pay for the term of my mortgage.
But, having spoken to your scripted call centre staff, it’s all contained in a little booklet of terms and conditions – which I hasten to add, is not referenced in my mortgage product offer. And I tend to feel that important shit like: we can change the interest rate premium on your loan whenever we feel like it, should be explicitly pointed out to customers.
Because I had no idea.
I actually thought when I signed this contract I now had a mortgage deal as stated in my product offer.
More fool me, it would appear.
So I have lodged a formal complaint. Which I fully expect to be forwarded to the newly established department: CAGDWBTCTSMA, which stands for: Customers Are Gullible Dipshits Who Believe The Contracts They Sign Mean Anything
Well, you know what West Bromwich: SCREW YOU.
You are a thieving bunch of bankers who think you can crucify and bully your loyal and long term customers. Customers, I may hasten to add, who used to pay a hell of a lot more interest on their loans before the Bank of England lowered the Base Rate.
But I didn’t have a crystal ball.
When I signed that mortgage contract with you all those years ago, I was taking (and am still taking) one hell of a risk in trying to run my own buy to let business prudently, efficiently and competitively. Words, which I am sure you will understand.
I won’t bore you with the details of the tenants from hell I have had to endure at that property.
I won’t bore you with the complaints I had from the neighbours.
I won’t bore you with the sleepness nights I had worrying about what to do.
I won’t bore you with how I had to find several thousands of pounds to get that property back together again after the tenants from hell wrecked it.
I won’t bore you with my tales of F*CKING WOE because you don’t want to hear it.
My business is my business and, your business is your business.
I try and run mine the best I can – but you know what? Sometimes SHIT HAPPENS.
And when you’re running a business you have to plan for it. I can’t just decide to up the rent on all my other tenants and treat them like shit because of one set of lousy tenants.
It was not my other tenants’ fault.
So why West Bromwich, are you making other people’s mistakes my fault?
Why are you passing the blame to me?
Why are you treating me so badly when I have always been a good customer.
I have never come to you with a begging bowl when times got tough. I never bothered you when my tenants stopped paying the rent, trashed the house and you still wanted your several hundreds of pounds mortgage payments every month. I just got on with it. I had to find the money to pay for it until I could sort the mess out.
Because that is business.
But that is clearly not how you run your business.
You expect every buy to let customer to get you out the shit. To make up for your mistakes.
You tell me how fair you’re being that I can go elsewhere and you won’t charge me any admin fees. Well, thanks for that – you may have noticed in the past few years, since I first took that loan out – the world has changed. It is not very easy to get lending. And it’s damn near impossible to get lending without exorbitant arrangement fees which are the equivalent of buying a small car.
But, oh sorry, I forgot, it’s because the world has changed which is why you’re screwing me.
Well what about when my world changed? What about all the shit I have had to put up with because I bought that property?
At any point did you ever, ever see me running to you, asking for time, asking for money – asking for f*cking anything?
I have just got on with it. I understood the mortgage contract I had signed and I just got on and paid the mortgage as I was legally obliged to.
So West Bromwich let me tell you something. I have had enough of being bullied. I have had enough of being harassed. I have had enough of trying to run this property as efficiently, prudently and competitively as I can for you to come along with your sticky little fingers and stick them in my business.
I have fought tooth and nail to get this property back on track and it has taken me years. The financial and emotional turmoil of being a landlord with the tenants from hell takes years off your life.
Where in the small print do I get compensated for that?
Oh sorry I forgot this is a one-sided contract where only one party – that is YOU – get to make up the rules and change them as you go along.
Well you know what.
I’m going to fight you.
* * UPDATE JANUARY 2015 * *
Sadly the class action organised by Property 118 has not been successful. You can read the High Court Decision here