You need to read this if you have a buy-to-let

[starrystarryknut]

West Brom building society has just dropped a bombshell on people with buy-to-let tracker mortgages. By finding a miniscule loophole in some wording in a booklet - not in their mortgage offer, but in a booklet - they have just DOUBLED their interest rates overnight. If you are a West Brom customer and this affects you, there is a group getting together legal action at www.property118.com. If you're not with West Brom, but you have a buy-to-let, you should have a look as well - Bank of Ireland has done the same, and it is likely that Barclays and Mortgage Express are about to do the same.

In fact, anyone with a tracker mortgage should take a look at this website and consider getting involved in the campaign - if West Brom and Bank of Ireland succeed in this, no-one's mortgage is safe. This is one of the biggest screwovers by the banks since 2008. This time let's not let them get away with it.

www.property118.com

Dialp - I work in Housing Strategy and can probably get you the stats you're looking for. I'll look in to it tomorrow when I'm in work and see what I can find.

Just one thing, while I'm here though - depending on where you live, most new build developments will have 30% affordable with generally an 80/20 split in favour of social rented.
So only 20% of that 30% will be affordable Low Cost Home Ownership tenure for sale. I'd be surprised to see a development deliver 50% affordable. Perhaps it's the open market properties which are struggling to sell where you are.

Point taken Pagwatch. I have more than likely mis-interpretted the wider issues in the OP regarding spread beyond BTL, and potential for campaigning against the banks in doing this as invitation for wider debate around this, but accept that may be a tenuous point to defend.

It had occurred to me earlier that stressing my point maybe detracting from those looking for more information, and indeed drafted a post saying as much, just got carried away in responding to others responses to my posts first! Clearly the wrong call as feeling rather roasted but happy to go with the majority view, and again apologize if over stepped the mark.

EMS23 I would most certainly appreciate that, feel free to PM me if you like, and maybe I'll start another thread.