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Miscalculated Mortgages With West Bromwich Building Society

Miscalculated Mortgages With West Bromwich Building Society

If you currently have a mortgage with the West Brom or have done in the past, there is substantial chance that you may have been caught up in many of the financial scandals to hit this particular lender and that in turn, that the interest and charges on your borrowing may have been miscalculated.

Originally formed away back in 1849, they embarked on a very aggressive growth strategy at the start of the millennium. This saw them open up their lending to buy to let and commercial borrowing. To fund it, they replicated the Northern Rock model of borrowing funds from the financial markets. In 2009 a phenomenal 31% of all their funding came from that source.

This policy and disastrous lending lead to the last minute rescue in 2009. Their lending book has become completely unbalanced, with its prime mortgage book sitting at just over £2.6 billion, but commercial and buy to let lending coming in at £1.5 billion and £3.1 billion respectively. Bondholders finally agreed to swap over £180 million of debt for a 25% share in future profits.

In June 2016, the Court of Appeal found against a controversial decision that they made in 2013 to increase the interest rate on buy to let loans taken by landlords between 2006 and 2008. They mistakenly believed that the terms and conditions that accompanied these loans offer allowed them to increase interest rate margins. The judge ruled that the very precise details of the respective mortgage offers were how the coordinates of the borrowing should have been run. The decision left West Brom with a compensation bill of £27.5 million. Several thousand customers were affected.

If that wasn’t enough, in June 2014, they also had to admit to charging errors when redeeming mortgages. Again, thousands of customers were forced into paying extra interest. This arose through an incorrect interpretation of mortgage terms and conditions on borrowing taken in the main between 2004 and 2007. Incredibly, no FCA fines have ever been levied against West Brom.

If you currently have a mortgage with West Brom that was taken in 2009 or previously and for initially no less than £80,000 to £100,000, Beat the Banks are offering an entirely free mortgage audit. We can also consider any mortgages for similar opening amounts taken with them after 2000 and repaid a minimum of seven years later.

For more information on how to receive our entirely free mortgage audit, please contact Beat the Banks on 01382 200474 or for free on 0800 193 1234. Or if you live locally, why not simply pop into our office with any of your mortgage paperwork and we can start the audit process immediately. Our hours are 8am-8pm weekdays, except for Fridays when we close at 6pm. On Saturdays it 10am-2pm.

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  • Mrs C, Glasgow

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  • Shona, Dundee

    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

  • Mr A McQuillian

    “From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • Mr & Mrs M, Shetland

    “We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”

  • Mrs S, Falkirk

    “Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”

  • Dave & Linda , Dundee

    “We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”

  • Mr S, Dingwall

    “Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”

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