Landlords set for £27.5m windfall as Norfolk businessman wins mortgage court victory
- Credit: Richard Gittins / Champion News
A former Norfolk-based financial specialist has struck a £27.5m blow on behalf of landlords across the country.
Mark Alexander, who recently moved to Malta from Shipdham, won the latest round of a complex legal battle with a mortgage company yesterday.
The 48-year-old former mortgage broker said he was unfairly asked to pay more for a buy-to-let mortgage because the West Bromwich Mortgage Company, linked to the West Bromwich Building Society, classed him as an investor, not as a consumer.
Mr Alexander, who has set up an advice website for landlords called Property118.com, lost his High Court battle last year.
But three Appeal Court judges in London unanimously found in his favour following a hearing in April.
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Mr Alexander had complained about the way an interest rate was varied and objected to the way a mortgage company could call in performing mortgages with 30 days notice.
But the West Bromwich claimed its system was fair and customers with three or more buy-to-let properties were 'not regarded as consumers'.
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After the decision Mr Alexander said: 'We have been through hell, really.
'The first judge at the High Court got it wrong, he gave the law in the wrong direction and it has taken nearly three years to change it. I am very relieved.'
Mr Alexander was backed in his appeal by about 400 people with identical West Bromwich mortgages and claims the ruling could affect one million borrowers.
The West Bromwich Building Society has said it will pay back all borrowers who were affected, not just those who were part of the appeal, at an expected cost of £27.5m.
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