Buy to Let & LettingFinance

Tracker Mortgages Are A Ticking Time Bomb: It’s West Brom Now – But Will YOU Be Next?

west brom tracker mortgage

West Brom Building Society state: “Tracker mortgages give you the certainty of knowing that the rate you pay will move in line with Bank Base Rates. We offer a choice of variable trackers, including flexible mortgages”

Unless, of course, West Brom change their minds and decide they’re not making enough money.  In that case, and to ensure their staff still benefit from over-inflated salaries, gold-plated pensions and colossal bumper bonuses they will find a tiny get-out clause which they’ve tucked away for such times as for when they want to screw consumers.  Then West Brom will increase the rate you pay regardless of what Bank Base Rates are doing.  This month, they’ve decided to fund, what I can only imagine must be their Christmas party, by increasing the tracker rate by 2% in December.

Who knows what it will be January.

Of course, I probably should have known all this.  I mean, my mortgage contract may state the rate I am going to be paying over Bank Base Rate for 25 years, but what was I thinking when I believed that.

I mean just how dumb was I?

Hadn’t I read the separate booklet which was never referred to in any mortgage documentation, nor informed that it was an incy-wincy tiny-bit important?

This booklet which is full of words so small and incomprehensible even Stephen Hawking refused to translate it for me.

west brom mortgage booklet

And it even took The Daily Mail considerable time to locate the hidden clauses.

But the confusing thing about this whole tracker mortgage fiasco is that if the mortgage does not track Bank Base Rates – as I thought it did, and as West Brom’s literature and mortgage contract claims it does, then this entire product is complete bullshit.

And so is the certainty West Brom claim you have with their mortgage tracker product.


The one thing I am certain of is that West Brom BS stands for: West Brom Bull Shit

The other thing I am certain of is this: if West Brom get away with this rate-hike every single mortgage holder with a tracker product is in trouble.  And I mean trouble.  Really deep trouble.  Especially when Bank Base Rates rise again – which they will.  Then you’ll really understand the depth of this trouble.

Which is why I have signed up for the legal class action to fight West Brom.  And I urge you to join.  You may not have a mortgage with West Brom – but unless we fight West Brom – your lender will most likely follow suit.  And then you’ll realise the trouble we are all in.

As David Cameron said:

“We’re All In This (shit) Together”

  1. Andy

    Well put. A lot has happened since my “venting” last week. Together we stand a chance of protecting everyone’s tracker mortgages not just our own. There’s also a fund set up for the PR campaign that anyone who isn’t directly affect my West Brom can contribute to.

  2. Andy

    I’ve replied to a few of the “most liked” comments on the mail article. Public support is going to be an uphill struggle. We need to debunk a few myths and perceptions.

  3. Richard Watters

    Bullying tactics at their worst. As someone affected by this (4 mortgages with West Brom) I’ve complained that this is unfair. Their reply also included the comment “Also, under the terms and conditions, demand for full repayment of the loans can be made by giving one month’s notice”. In other words, pay the increased rate or else we’ll force you to repay (or repossess the property). The terms and conditions relating to this are also tucked away in their booklet (which, by the way, I had never received from them until they responded to my complaint). So if they can change the rate and ask for full repayment why would anyone risk taking out a mortgage with them?!

    Class action here we come, terms and conditions such as this should legally be highlighted in KFI and mortgage offers.

  4. Tanya Daye

    This is crazy and really underhand. These little clauses, who knows what other companies have put in their literature for times when things get a little rough for them. They are not going to do their reputation any good or generate further business…. Joining the campaign is in everyone’s best interest.

    I can really feel your anger from this blog. Your writing style is amazing and makes everything so easy to understand…even for little ole me 🙂

  5. David Lawrenson

    Hi Sam,
    Are you up with the story…. West Brom won at the high court….. landlords may appeal.
    It’s all on line
    Just wondering if you’ll be using your platform as a journalist to wade in on the side of those who have been ripped off.. or start a campaign
    Just asking!

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