Communication from Property118 – Mark Alexander (Property118 is a ‘Not for Profit’ organisation)
	Tracker rate rises - Who'll be next? Property118 Campaign MP support Contact your local MP cherry Forum Key issues are: - Mortgage lenders are breaching tracker rate mortgage contracts by... unilaterally increasing the margin they charge over the Bank of England base rate in order to increase their profit margins deliberately targeting borrowers where consumer protection law is ambiguous. There are believed to be 2.5 million Tracker Rate mortgages (i.e. mortgages which track the Bank of England Base Rate at a fixed margin for a defined period) Concern as to whether additional mortgage lenders will follow suit with this practice is increasing hence there are already more than 150,000 readers who are supporting a campaign to expose the scam via the Property118 internet forum – and we see additional support from you as essential. Alleged examples of deliberate misuse of ambiguous Consumer Protection laws include... Bank of Ireland - 12,200 homeowner and buy to let mortgage accounts were targeted – all of which pre-dated the Oct 2008 mortgage regulations West Bromwich Building Society – 6,700 mortgage accounts assigned to landlords with 3 or more properties have been targeted.  There is no Case Law to define what would constitute a ‘consumer landlord’ but crucially there is Case Law which acknowledges that landlords can be consumers.  Therefore, Unfair Consumer Contract Terms legislation may or may not apply and it would appear that the WBBS are relying on affected borrowers not being able to raise sufficient funds to challenge this or litigate other points of Contract Law. Cross party support for the Property118 campaign is building from MP’s via Early Day Motion 976 – see 'Conduct of Mortgage Lenders' Please note that Property118.com operate on a ‘not-for-profit’ business model To learn more about the campaign please click here OTHER NEWS Property118 have recently launched a “Property Research Tool” which is free to use and is likely to prove very useful to cherry members and their clients – details here cherry are proud sponsors of the Property Research Tool and will soon be incorporating it into the cherryFind website
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