Borrowers fighting tracker rate rises by West Bromwich Building Society and the Bank of Ireland are hosting a crucial fundraising meeting in London tomorrow.
More than 400 borrowers have signed up to class actions against the lenders but the campaign wants 400 more clients in order to keep fighting.
The campaign, led by landlord website Property118, has received counsel opinion from two banking QCs and one senior banking barrister supporting the borrowers’ case.
The West Brom action is pushing to court while the Bank of Ireland case has been struggling for clients and funds.
Campaigners are asking for £500 per loan towards funding the legal costs.
In September, West Brom told 6,700 of its buy-to-let tracker customers their rates would increase by 2 per cent on 1 December.
Last May, BoI increased buy-to-let tracker rates by 1.75 per to 4.49 per cent above base. Residential borrowers saw rates rise to 3.99 per cent in October.
Law Department solicitor Justin Selig, who is representing the borrowers, says: “We are pressing ahead with litigation against both lenders and have called a meeting with our clients this Thursday in central London. At the meeting we will be outlining our legal strategy and advising our clients on the best way forward.
“In order for us to pursue the case we would like to recruit a further 400 or so clients.”