Landlords raise over £30,000 via Crowdfunder in just 5 days

by Property118.com News Team

12:16 PM, 14th June 2016
About 3 years ago

Landlords raise over £30,000 via Crowdfunder in just 5 days

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Landlords raise over £30,000 via Crowdfunder in just 5 days

PRESS RELEASE

A group 60 landlords raised £31,575 via the Crowdfunder website in just 5 days.

Neil Patterson, a Partner in Property118.com said “We are delighted with progress to date as we are significantly ahead of where we expected to be at this stage of this particular fund-raising campaign. We have a five phase approach and we are only in the middle of phase 1. The next phase is to form strategic alliances with professional bodies operating in the letting sector. Phase three will involve more strategic alliances with letting agents based on recommendations from the professional bodies. Phase 4 will involve the industry uniting to recommend Property118 Action Group membership to up to one million private landlords. The fifth and final stage will be to launch an equity based crowdfunding campaign to give our members an opportunity to own a stake in Property118 Action Group..”

Landlords raise £30,000 via Crowdfunder in just 5 days

Mark Alexander, who started the campaign said Private housing providers (buy-to-let landlords) often lack the experience and finances to defend their rights. Property118 Action Group offers them a unique and powerful umbrella at a very reasonable price.”

In the Court of Appeal last week Property118 Action Group won refunds for landlords of £27.5 million in terms of mortgage interest that had been overcharged by West Bromwich Mortgage Company.

The aims of the group now are:-

  • Assisting with fund-raising for the Judicial Review of the withdrawal of finance cost relief for individual landlords
  • Challenging the Bank of Ireland decision to add a premium to tracker rate mortgage margins. Over 13,000 borrowers are affected!
  • Challenging Skipton Building Society breach of contract in respect of abandonment of their contractual commitment to cap their standard variable mortgage rates to 3% over the Bank of England base rate. Around 130,000 mortgages have been affected since 2010.
  • Prosecuting agents who abuse their position and fraudulently use client money to fund their businesses
  • Challenging many more unreasonable laws, organisations and contract terms unfairly affecting the rights of their members

Several big names in the letting industry are supporting the campaign including; ARLA, The Letting Partnership and Ewemove. More large organisations are expected to announce the formation of a strategic alliance over the coming weeks and months.

Fund raising continues.

For more information please see http://www.crowdfunder.co.uk/property118-action-group



Comments

Mark Alexander

12:19 PM, 14th June 2016
About 3 years ago


.

Chandra Patel

23:53 PM, 14th June 2016
About 3 years ago

We had 2 commercial mortgages one of which the initial term was coming to an end and the rate of interest was going to fall significantly and one for which we had found another lender with a much better rate. They held both buildings as security stating we had broken the terms of the mortgage as the value of one of the properties had fallen below a certain amount. We offered to put in extra monies but this was refused and without informing us they started receivership proceedings. To avoid receivership they agreed to release our buildings on condition we remove both mortgages thus not allowing us to pay a much lower interest rate with them. They charged us the penalties for leaving the mortgages early, even though they had forced us to do so. They even charged us for the directors and chairman's time time in discussing our case. They behaved highwaymen and because it was a commercial mortgage they got away with it. Beware of West Bromwich Building society. AVOID

Luke P

11:22 AM, 15th June 2016
About 3 years ago

I have my £600 at the ready...just have to verify my card with PayPal! 🙂

Kay Landlord

8:52 AM, 18th June 2016
About 3 years ago

Well done for putting this entire support network together. Landlords are not having an easy time. We have all the future fiscal concerns, council licensing, increased regulation, the fear of breaching lender terms (never mind if you service your debt) I've also received a personal injury claim from a tenant this week from from a ' win no fee' lawyer -That is also on the rise. We need to stand together more. What puzzles me is there are more than 1 million UK landlords. Less than 100k signed the petition to have clause 24 fully debated in parliament and approx 650 turned up at a tenant tax summit. Some of us could face financial ruin if this Clause becomes law next year and there doesn't seem to be enough lobbying going on? Are we being to apathetic? It's great that the judicial review has support but surely we all need to be doing more to help this huge issue...


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