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West Brom Building Society faces £27.5 million bill after landlords win legal battle

Article by Giles Inman on Jun 08, 2016 View in browser

West Brom Building Society faces £27.5 million bill after landlords win legal battle

The West Brom Building Society faces a £27.5 million bill after losing a long-running court case with a band of property landlords.

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Landlords will now wish to take on the Bank of Ireland and the Skipton who have in the past got away with similar hikes. These lenders should now without delay pay back borrowers similarly affected by their own interpretation of clauses in the small print of their mortgages. If they don’t, I am sure they will soon face a legal challenge too.

For all mortgage lenders, this case has sent a clear signal that they cannot simply dismiss the terms of a contract they have fairly entered into.

 

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