Landlords raise over £30,000 via Crowdfunder in just 5 daysMake Text Bigger
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..”
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
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