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Buy-to-let investors can now have greater confidence

13 Jun 2016

The Court of Appeal overturned a High Court judgment against a landlord, who bought a case against the West Bromwich Building Society. The lender increased the rate on its buy-to-let tracker mortgages by nearly 2%, even though the underlying base rate had not changed.

This is great news for buy-to-let investors. The ruling means that lenders must now adhere to the spirit of any mortgage ‘illustration’, which legally gives key facts on the loan – and not resort to clauses in the terms and conditions which allow the lender to ignore the ‘tracker’ element unfairly.

Buy-to-let borrowers can now confidently rely on what’s in the basic loan information, and predict more accurately their future cash-flows and profitability

 

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