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Found 4 results

  1. Borrowers whose monthly payments doubled when their lender increased the rate on their tracker mortgages are hoping a Court of Appeal ruling might allow them to claim back thousands of pounds. About 6,000 West Bromwich Building Society customers are expecting refunds after last week’s ruling that the lender was not justified in changing the rates for buy-to-let landlords on tracker mortgages. In December 2013 the lender increased the rates, despite the fact that the Bank of England’s leading Bank Rate, which tracker mortgages are typically expected to follow, had not changed at all. These borrowers will now receive a refund and be returned to the lower rate. The lender is expected to pay out £27.5m. But West Brom was not the only lender to increase rates for its tracker borrowers Thousands of customers of the Bank of Ireland, which provides mortgages sold by the Post Office, and Skipton and Manchester building societies were also affected when those lenders increased rates on their tracker or mortgages or other loans subject to rate caps. http://www.telegraph.co.uk/personal-banking/mortgages/after-6000-borrowers-get-mortgage-refund-could-you-be-due-money/
  2. Has anyone read this yet if so what are your thoughts on it see below for the link https://www.gov.uk/government/news/cma-finalises-proposals-to-lower-payday-loan-costs
  3. Customers of Yorkshire and Chelsea building societies to receive refunds of arrears charges in £8.4m windfall About 34,000 mortgage borrowers with Yorkshire Building Society are to receive refunds averaging almost £250 each after mistakes were made in the calculation of mortgage arrears charges. In all, about £8.4m will be paid to the customers affected, some of whom have mortgages with Chelsea and Barnsley building societies and Accord Mortgages, which are all part of the Yorkshire group. Borrowers will receive an average of £247. The group is to refund all mortgage arrears administration fees charged since January 2009 and interest on those fees, even to customers who were not affected by the mistakes in calculation. The problem came to light when the City regulator, the Financial Conduct Authority, questioned whether Yorkshire's procedures were robust enough. The society then reviewed its treatment of some customers who had been charged arrears administration fees. More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10640632/250-refunds-for-34000-building-society-borrowers.html
  4. http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9615276/2000-borrowers-have-at-least-five-payday-loans.html
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