Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website, www.property118.com
(“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
||means an account required to access and/or use certain areas and features of Our Site;
||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;
||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;
||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and
||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Information About Us
- Our Site is owned and operated by Property118 Ltd, a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Our VAT number is 990 0332 34.
- Our Data Protection Officer is Neil Patterson, and can be contacted by email at firstname.lastname@example.org, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- What Does This Policy Cover?
- Your Rights
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- The right to be informed about Our collection and use of personal data;
- The right of access to the personal data We hold about you (see section 12);
- The right to rectification if any personal data We hold about you is inaccurate or incomplete (please contact Us using the details in section 14);
- The right to be forgotten – i.e. the right to ask Us to delete any personal data We hold about you (We only hold your personal data for a limited time, as explained in section 6 but if you would like Us to delete it sooner, please contact Us using the details in section 14);
- The right to restrict (i.e. prevent) the processing of your personal data;
- The right to data portability (obtaining a copy of your personal data to re-use with another service or organisation);
- The right to object to Us using your personal data for particular purposes; and
- If you have any cause for complaint about Our use of your personal data, please contact Us using the details provided in section 14 and We will do Our best to solve the problem for you. If We are unable to help, you also have the right to lodge a complaint with the UK’s supervisory authority, the Information Commissioner’s Office.
- For further information about your rights, please contact the Information Commissioner’s Office or your local Citizens Advice Bureau.
- What Data Do We Collect?
- Date of birth;
- Address and post code;
- Business/company name and trading status;
- Number of properties owned;
- Accountants details;
- Contact information such as email addresses and telephone numbers;
- Proof of residence and ID;
- Financial information such as income and tax status;
- Landlords insurance renewal dates;
- Property Portfolio details such as value and mortgage outstanding;
- How Do We Use Your Data?
- All personal data is processed and stored securely, for no longer than is necessary in light of the reason(s) for which it was first collected. We will comply with Our obligations and safeguard your rights under the GDPR at all times. For more details on security see section 7, below.
- Our use of your personal data will always have a lawful basis, either because it is necessary for our performance of a contract with you, because you have consented to our use of your personal data (e.g. by subscribing to emails), or because it is in our legitimate interests. Specifically, we may use your data for the following purposes:
- Providing and managing your access to Our Site;
- Supplying our products and or services to you (please note that We require your personal data in order to enter into a contract with you);
- Personalising and tailoring our products and or services for you;
- Replying to emails from you;
- Supplying you with emails that you have opted into (you may unsubscribe or opt-out at any time by the unsubscribe link at the bottom of all emails;
- Analysing your use of our site and gathering feedback to enable us to continually improve our site and your user experience;
- Provide information to our partner service and product suppliers at your request.
- With your permission and/or where permitted by law, We may also use your data for marketing purposes which may include contacting you by email and or telephone with information, news and offers on our products and or We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that We fully protect your rights and comply with Our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
- You have the right to withdraw your consent to us using your personal data at any time, and to request that we delete it.
- We do not keep your personal data for any longer than is necessary in light of the reason(s) for which it was first collected. Data will therefore be retained for the following periods (or its retention will be determined on the following bases):
- Member profile information is collected with your consent and can be amended or deleted at any time by you;
- Anti-Money Laundering information and tax consultancy records are to be kept as required by law for up to seven years.
- How and Where Do We Store Your Data?
- We only keep your personal data for as long as We need to in order to use it as described above in section 6, and/or for as long as We have your permission to keep it.
- Some or all of your data may be stored outside of the European Economic Area (“the EEA”) (The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein). You are deemed to accept and agree to this by using our site and submitting information to Us. If we do store data outside the EEA, we will take all reasonable steps to ensure that your data is treated as safely and securely as it would be within the UK and under the GDPR
- Data security is very important to Us, and to protect your data We have taken suitable measures to safeguard and secure data collected through Our Site.
- Do We Share Your Data?
- We may share your data with other partner companies in for the purpose of supplying products or services you have requested.
- We may sometimes contract with third parties to supply products and services to you on Our behalf. Where any of your data is required for such a purpose, We will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, Our obligations, and the obligations of the third party under the law.
- We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales, and other information. All such data will be anonymised and will not include any personally identifying data, or any anonymised data that can be combined with other data and used to identify you. We may from time to time share such data with third parties such as prospective investors, affiliates, partners, and advertisers. Data will only be shared and used within the bounds of the law.
- In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.
- What Happens If Our Business Changes Hands?
- How Can You Control Your Data?
- In addition to your rights under the GDPR, set out in section 4, we aim to give you strong controls on Our use of your data for direct marketing purposes including the ability to opt-out of receiving emails from Us which you may do by unsubscribing using the links provided in Our emails.
- Your Right to Withhold Information
- You may access certain areas of Our Site without providing any data at all. However, to use all features and functions available on Our Site you may be required to submit or allow for the collection of certain data.
- How Can You Access Your Data?
You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at email@example.com, or using the contact details below in section 14.
- All Cookies used by and on Our Site are used in accordance with current Cookie Law.
- Before Cookies are placed on your computer or device, you will be shown a cookie prompt requesting your consent to set those Cookies. By giving your consent to the placing of Cookies you are enabling Us to provide the best possible experience and service to you. You may, if you wish, deny consent to the placing of Cookies; however certain features of Our Site may not function fully or as intended. You will be given the opportunity to allow only first party Cookies and block third party Cookies.
- Certain features of Our Site depend on Cookies to function. Cookie Law deems these Cookies to be “strictly necessary”. These Cookies are shown below in section 13.5. Your consent will not be sought to place these Cookies, but it is still important that you are aware of them. You may still block these Cookies by changing your internet browser’s settings as detailed below in section 13.9, but please be aware that Our Site may not work properly if you do so. We have taken great care to ensure that your privacy is not at risk by allowing them.
- The following first party Cookies may be placed on your computer or device:
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- Our Site uses analytics services provided by Google Analytics and Facebook. Website analytics refers to a set of tools used to collect and analyse anonymous usage information, enabling Us to better understand how Our Site is used. This, in turn, enables Us to improve Our Site and the products AND/OR services offered through it. You do not have to allow Us to use these Cookies, however whilst Our use of them does not pose any risk to your privacy or your safe use of Our Site, it does enable Us to continually improve Our Site, making it a better and more useful experience for you.
- The analytics service(s) used by Our Site use(s) Cookies to gather the required information.
- The analytics service(s) used by Our Site use(s) the following Cookies:
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- In addition to the controls that We provide, you can choose to enable or disable Cookies in your internet browser. Most internet browsers also enable you to choose whether you wish to disable all cookies or only third party cookies. By default, most internet browsers accept Cookies but this can be changed. For further details, please consult the help menu in your internet browser or the documentation that came with your device.
- You can choose to delete Cookies on your computer or device at any time, however you may lose any information that enables you to access Our Site more quickly and efficiently including, but not limited to, login and personalisation settings.
- It is recommended that you keep your internet browser and operating system up-to-date and that you consult the help and guidance provided by the developer of your internet browser and manufacturer of your computer or device if you are unsure about adjusting your privacy settings.
- Contacting Us
10:00 AM, 15th April 2013, About 10 years ago
Mark, what is Barclays proposing to do? You have not mentioned that in your post.
Mark Alexander - Founder of Property118
10:03 AM, 15th April 2013, About 10 years ago
I'm still investigating the details but I've been told they will cap lending as current levels on these accounts.
18:10 PM, 15th April 2013, About 10 years ago
Here's the text from an article written by David Budworth, Deputy Money Editor of The Times on 12th April 2013
The Trust of Borrowers Is Being Betrayed
Do you remember reading the T&Cs when you applied for your last mortgage? Quite probably. But can you remember every nuance, every clause? Of course not.
As long as you grasp the big picture — how much it costs, when it needs to be repaid — the tendency when faced by page after page of legalese is to trust that the small print will not do you any harm. That were there any bear traps they would be prominently brought to your notice.
Sadly, Barclays has yet again proved that trust cannot be allowed to come before profits. That it has no problem weaselling out of a contract signed by up to 900,000 customers. These borrowers were told that any money they paid off their Open Plan mortgage could be drawn upon at a later date. Now that perk is to be arbitrarily cut.
Barclays already has form with such actions after it pulled the plug on similar flexible features last year after acquiring 44,000 borrowers from Standard Life. Just as it did then, it has used the excuse that hardly anyone uses this special borrowing facility. More likely it is worried that as confidence improves more customers will wake up to the fact that they can borrow at very attractive rates.
Barclays’ defence ignores the fact that, whether or not a customer has used the facility, this is what they signed up for. In the late Nineties and early Noughties the borrowing feature was promoted heavily as a panacea for those with irregular earnings and others who might need cash in an emergency.
There is a bigger issue here coming just weeks after Bank of Ireland’s damaging decision to increase its tracker rates. Disappointingly, in that case, Martin Wheatley, the boss of the new Financial Conduct Authority (FCA), gave his backing to the bank — which is making a bid for more of your custom providing a new current account for the Post Office. In a letter he said: “We did not identify any concerns which led us to believe the terms may be unfair.”
Lenders are able to point to clauses and conditions that allow them to cut perks, increase rates, and even demand repayment in full. You may have spotted them on your read-through but dismissed them as measures that would never be invoked.
Now they have, Mr Wheatley could restore some credibility by making one of his first major actions at the FCA a move to outlaw such pernicious clauses. A contract should be an agreement that gives a borrower certainty, not a licence to give lenders free rein.
10:03 AM, 16th April 2013, About 10 years ago
In nutshell: Barclays are reported to be withdrawing the drawdown facility in their offset mortgages, that is, if you have built up reserve in your associated current account (effectively an overdraft) which you have not used, the facility to do so will be removed. cahoot and others did the same as they closed flexible products. This was never a Barclays product - they acquired it when they bought the Woolwich and at that time some of the facilities were removed from the accounts, such as the option to have several savings pots. It was only a matter of time. It will be interesting to see whether other offset mortgage lenders follow suit.
15:49 PM, 16th April 2013, About 10 years ago
Re: Barclays( ex-Woolwich) offset mortgage reserve facility.
Barclays have tried to remove the facility beforew. A t that time we had to positively state we wanted to retain it - I think the wording was one of these "You need do nothing else and we will take back what we contracted to provide you with...." Obviously we told them we wanted to keep it though at the time the rate was not that attractive, being the same as the mortgage
I had the letter from Barclays about 3/4 weeks ago saying that they were going to withdraw the reserve facility which could be used at any time as, effectively, an overdraft facility.
Being a cynic I called them as this was supposed to be a measure to ensure prudent lending!
I have a facility of well over £60,000 and why? Because I've been careful, used the offset facility to it's maximum and paid off a large amount in a fairly short time.
After the initialattempt to remove the facility I have made use of it twice when doing property refurbs because the interest rate is only 1.25% (0.75% over base) which compares well with their normal rate for property development which was about 6% last time I used it.
When I called them I mentioned to the Barclays rep that this ws obviously the reason as they did not wish to lend to me at such a low rate and it was nothing at all to do with lending policy - her defence was that they did not want me to get into problems by having a large mortgage I could not afford to pay off. It's not that large by today's standards and is only approx. 50% LTV and without the offset considerably lower. Also it's part repayment and part interest only so the balance will continue to reduce.
So, says I to the nice young lady at Barclays, my record of effectively over-paying every month for years means that I am at greater risk of default at the end of the term than someone who has paid off nothing and thus has no facility available?
Rep had no sensible answer to that one.
So what, I ask, if I am just about to do another re-furb and I take out the funds before the deadline (May 16th I think though I'm on holiday and have not got paperwork to hand)?
Nothing we can do she said.
And if I do that, what happens when my next pay or other lump sum goes in - is this immediately eaten up in re-paying the reserve facility which has, by then, been withdrawn?
No, it is a current account and we can't do that.
So I have reached the following conclusions:
1) If you have no reserve facility available then you are unaffected and
2) If you have a facility of any significant amount then think about using it for something else.
I will do the re-furb and on completion I will look for other opportunities - where else can you borrow £60,000+ for only 1.25% with no additional security? As long as it's accessible in a reasonable period I can use it to pay off the mortgage at the end.
I might even go into the banking business and purchase some Barclays shares using their own money!
20:03 PM, 18th April 2013, About 10 years ago
Just so I have got this correct, I have an offset mortgage with Barclays (ex Woolwich) and regulary run the mortgage current account up the max overdraft facility to buy a property before refubishing and then remortgaging through another lender, the subsequent funds put back into the Barclays mortgage current account to bring it positive again and wait the next property.
Is it this overdraft facility they are planning on taking away?
Mark Alexander - Founder of Property118
20:33 PM, 18th April 2013, About 10 years ago
@Graham - I believe so yes!
22:59 PM, 18th April 2013, About 10 years ago
Yes that's it exactly.
However I had my letter nearly 4 weeks ago now and I'm surprised if you have not heard anything from them if your situation is the same as mine.
I'm afraid all the paperwork is 3500 miles away so I can't compare notes as to when the mortage was taken out - it may be that the wording was changed at some point.
4:46 AM, 19th April 2013, About 10 years ago
Okay, I work overseas so have not checked my snail mail for the last couple of months, so maybe I have same letter. They have not asked before about this but will get someone to check my mail. Think best idea is as Mark suggests to transfer to another bank so at least it is clear and ready to go.
7:09 AM, 19th April 2013, About 10 years ago
Now I'm a confused Barclays offset mortgage customer. I too received a letter and also telephoned for clarity and happily thought my facility was safe until reading these posts. We owe Woolwich £160,000 on an interest -only mortgage at 0.89%which is linked to a Barclays current account which also currently holds £160,000 until we decide to make temporary use of it. There is a reserve limit on the current account of just £100, effectiveley an overdraft facility, and I thought only this was being withdrawn.