THE PROPERTY INSURER has been partnered with Property 118 for several years now and it is without hesitation that I recommend that landlords consider joining the new Property 118 Action Group. Property 118 is all about landlord welfare and protection, it fills a role that associations simply cannot take on.
Without Property 118 the West Bromwich would have changed its interest rates illegally and increased costs to thousands of mortgage owners without any recourse. Put simply the landlords agreed a mortgage rate and then the West Brom changed upwards because they simply wanted more profits. There was no change in base rate at all.
Property 118 thought this was unfair – if you buy a mortgage at 3% then you expect it to stay there unless base rates change. Property 118 crowdfunded £500k to take the bank to court and then won on appeal, making headline news and getting around £27million refunded to landlords in charges and legal costs.
It was a travesty of the big corporation running roughshod over its customers and Property 118 struck a blow for real justice.
Now Property 118 is forming an action group to fight further wrongs on behalf of its members. The next one could well be the Bank of Ireland as it operated a similar activity as the West Brom. It could take action on anything. Real action and progress. Those are things that soft associations simply do not do. They give advice on evicting a tenant and AST downloads, but they don’t take banks to court and win.
That is why we need the Property 118 Action Group. It fills a void for landlords who are increasingly the subject of draconian legislation, media fuelled hate hype and at the mercy of corrupt banks. We need a protector.
And of course Property 118 does a lot more than just take action when required. It offers its Price Guarantee Insurance scheme that was arranged through The Property insurer. It gives access to Lettings Supermarket and its low rates. It has an active forum where landlords can discuss the matters of the day or ask for help.
Most of what it does is free of charge but the Action Group is membership based as it is not cheap to give legal instructions. So far though, all costs have been recouped through winning the action, so that will be used on future campaigns to protect landlords.
I urge landlords to join the Property 118 Action Group now.