Property118 Action Group

Those who were affected by tracker rate mortgage hikes imposed by West Bromwich Mortgage Company should be receiving their overpayments and compensation from West Brom paid directly into their bank accounts over the next few days. Some have already received them. Happy days indeed!

Many have already become lifetime founder members of Property118 Action Group in order to ensure they never have to fund legal action again, but many have not. Accordingly, I think this it is now a very good time to remind everybody of the benefits of Founder Membership of Property118 Action Group and to point out that the window of opportunity to become a Founder Member will not stay open forever. Accordingly, if you've not joined yet, please do so TODAY. Your £600 Pledge for lifetime Founder Membership will not be taken until 3rd August. Please see the link below.

http://www.crowdfunder.co.uk/property118-action-group

Turning to strategies regarding the other lenders, and the future of Property118 Action group generally …

The Property118 Action Group strategy is a very simple one. We intend to build a multi-million pound fund to be used for the protection of our members.

Legal action against lenders

Our vision is that Professional Indemnity insurers will underwrite future trials of mortgage lenders. Our win against WBMC has ridiculed the FOS but made Professional Indemnity insurers of mortgage advisers and conveyancing solicitors even more fearful of them.

This Autumn, Property118 Action Group will be submitting member complaints and claims for compensation to both the FOS and the legal ombudsman on the basis that professional advice regarding BoI and Skipton mortgages was flawed. Our opinion is that the FOS in particular have nowhere to run based on their rulings supporting mortgage lenders. Many of the claims will be for the full £15,000 allowed under Ombudsman maximum award rulings for compensation for each affected mortgage. Given that nearly 150,000 mortgages are affected, Professional Indemnity insurers will soon realise that it is more economical to follow our lead and to fund a judicial process to overturn FOS decisions as opposed to opening files and setting aside reserves for potentially thousands of individual complaints. Either way, we will be playing with a double headed coin.

Lifetime Members of Property118 Action Group will be the first to be represented and will not be required to pay for professional representation. Once the FOS or the legal ombudsman rule just one case in favour of an affected borrower the flood gates will open to more claims and an increase in Property118 Action Group membership off the back of media coverage. The PI insurers are playing poker with a very weak hand. It is only a matter of time before they will fold and join us to fund judicial action.

So what about our other aims, funding a Judicial Review of the restrictions on finance cost relief and prosecuting rogue agents for example?

The industry generally is keen to see better policing. Our "Union" is best placed to achieve that.

ARLA are already backing us. We attended our first conference with them in Brighton yesterday. There are many more planned. We will be sending emails to all ARLA members over the next few weeks with a view to forming strategic alliances.

We sent our first email to all NALS members yesterday and will be sending a follow up next week. All members of these groups will be encouraged to promote Property118 Action Group to their clients.

As our membership numbers increase, so will our financial reserves. We envisage being able to help pay for any remaining financial requirements associated with the #TenantTax campaign for example. They key to this is winning the hearts and minds of the industry, picking our battles carefully and growing membership numbers quickly.

Property118 Action Group Business Model

Property118 Action Group will never stake more than two thirds of its funds on legal action. We will win many of the cases so our return will be far greater than 33% on capital/income received from members.

Those forming a Strategic Alliance will benefit from joint PR.

Members will benefit from protection similar to that of belonging to a Union.

If you haven't already done so, please become a Founder Member of Property118 Action Group via the link below.

http://www.crowdfunder.co.uk/property118-action-group

If you have already become a member, please read the rest of our updates below see what else you can do to help us all to achieve our goals.

All the best

Mark Alexander - founder of Property118 Action Group