West Brom increases tracker rate for 6,700 borrowers; sparks fears other lenders will follow suit

The mutual has written to a quarter of its buy-to-let borrowers telling them rates on their mortgages will rise in accordance with terms and conditions in their contracts. In particular, it has referred to a clause stating the rate may be varied to reflect market conditions and ensure the business is carried out prudently, efficiently and competitively. The news comes four months after the Bank of Ireland hiked rates for 13,500 tracker mortgage borrowers. Landlords have warned the action could be copied by other lenders. Property 118 founder Mark Alexander, who is leading landlords...