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:
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||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
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- 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.
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- 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.
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- Contacting Us
16:08 PM, 10th June 2013, About 10 years ago
BM and Lloyds Banking Group showing signs of understanding the BTL market, finally!
17:05 PM, 10th June 2013, About 10 years ago
Hmm. All well and good but my view is that with still only 3 properties allowed it doesn`t match up with the tag line about providing a service to `experienced` property investors. That restriction can in fact stunt ones portfolio growth. So they will capture some business yes but someone who does not have an income and lives off property is likely to want more than 3 properties and if they cant have them with the Lloyds Group they will go elsewhere.
They should show some courage and lend up to I think it was on 12 properties in the good ol days!
Howard Reuben Cert CII (MP) CeRER
17:53 PM, 10th June 2013, About 10 years ago
Please would you clarify how opening up their criteria to someone who has never had a BM Sols mortgage before (because previously they would not have met the £25k criteria) can "stunt ones portfolio growth"? Surely that by adding a further 3 deals (and with BM Sols excellent service and rates, this would also prove very financially attractive too), that 3 more properties actually enhances a portfolio and does not stunt or reduce it?
I totally agree that 3 however is not enough, and in the good old days - I can tell you from experience because my Firm has been dealing with BM for many, many years - that actually they did not restrict it to 12, in fact it was unlimited. One of my Clients used to buy about 15 properties a month using BM at one time, and I remember remortgaging 60 properties for another Client all to BM in one week ...... ahh, yes, the good old days! 🙂
All in all though, I think BM Sols relaxation of criteria is excellent news for property investors, many of whom show little or no profit but who can of course afford the mortgages via their portfolio income.
You do make a valid point about investors going elsewhere too, using a whole of market Adviser of course 🙂
ps - Other lenders are available; BM Sols now join a small band of other lenders who also all lend to BTL property investors without a need to meet a minimum income threshold.
19:01 PM, 10th June 2013, About 10 years ago
This is very good news in so much that it will hopefully encourage other lenders to waive the minimum income criteria as well.
As has previously been said, it would be better if the Lloyds group also lifted the "3 across the group" limit but I'm sure that will come pretty soon too as the BTL lending market starts to hot up. I was very interested in a Halifax product recently but as I already have 3 BMS mortgages I had to pass on it.
Howard, it would be helpful if you could let us know who the other lenders are that do not have an income criteria just in case investors are missing out on anything?
20:22 PM, 10th June 2013, About 10 years ago
I agree it beneficial to some but for me it was precisely because of their good service , rates and for me the fact they accepted LHA that I would have been very disappointed if during my growth phase they had said go elsewhere on my 4th property. They were very good to me at the time and would have stunted my growth simply because during that period they had the best product on the market for what I wanted. And their reversion rates were to die for! They couldnt be matched eleswhere
I stand corrected though, I was always under the impression that they considered you maxed out at about 12. Was 12 their max at any stage then I wonder? or has it always been unlimited.?
If so all the more strange they go from unlimited all the way down to 3. Your man who did 60 at once did very well then. Is there another lender to step in to do 60 at one throw. If BM were the best rates at the time , then now that same persons growth would have been curtailed some what. An extra say 0.5% on 60 properties hurts somewhat
Howard Reuben Cert CII (MP) CeRER
20:49 PM, 10th June 2013, About 10 years ago
BM Sols were always unlimited .... but this was BEFORE the credit crunch and at a time when they were owned by the HBOS Group. Now (ie post credit crunch, hence now in a world of 'computer says no' - unless you know a whole of market Broker who can help 🙂 ), BM Sols - and Halifax and BoS and TMB and C&G etc etc etc - are all now owned by the Lloyds Banking Group. The unlimited to 3 restructure is a consequence of a new Group taking over, so BM Sols in themselves have not made the change, but instead Lloyds have implemented it.
And yes, I totally agree with you that if you already have 3 mortgage accounts with the Lloyds group that this would not help, but for many, many people (including the very many new enquiries we've received since Friday when the announcement was made), this is a godsend.
And yes (again) I agree with you - my chap who did his 60 mortgages in one go did indeed do very well - he chose an excellent Broker! 🙂
DC - I could list all lenders and all their criteria, but of course lenders and deals change on a daily basis, so I would simply recommend that anyone who is considering a BTL mortgage and doesn't think they meet 'minimum income' criteria, to contact a whole of market Broker who will carry out a full assessment of not only income but also credit status, investor experience, 'background' portfolio, rental affordability etc etc (ie all of the pieces of the jigsaw needed for the lender to consider the 'whole picture', not just income) and an updated and researched formal recommendation can then be made.
Sorry to sound a bit elusive here, but it's not just about who does what, buy far more (in todays world) about are you eligible in the first place.
As always, I recommend that BTL'ers talk with an experienced, professional and knowledgeable whole of market Broker whether recommended via Property118.com or ask around and choose your own.
Property118.com works with whole of market Firms who are also Full Members of the NACFB.
Back to the BM Solutions announcement and I personally think that this is yet another sign of the increasing confidence in the BTL sector and with a few other announcements coming in the next few days from other lenders too .... 2013 is continuing to be an exciting time ... watch this space!
Mark Alexander - Founder of Property118
21:02 PM, 10th June 2013, About 10 years ago
Is it three per person or three per family?
I already have more than 3 BM mortgages in my own name, however, my wife and my step son have none.
Another angle on this one is that it often makes sense to buy properties in the name of the lowest earner for tax purposes. Previously, a person working part time earning say £10k a year would not have qualified but presumably will now.
Are there any other common sense checks? For example, if a person was showing say £10k in rental profits but had a £500k personal mortgage would BM Solutions say no or is their underwriting still a very shambolic computer based system which uses credit score and little else?
I always said BM Solutions was great in the short term for wannabes but they never could get their acts together in terms of common sense lending in my humble opinion. They didn't even used to cross reference valuation reports between Colleys surveys and BM Solutions, both of which they owned!
Their decision to waive the £25k minimum earnings could land them in trouble again I suspect.
Sadly, not all IFA's are as conscientious as you are and they will no doubt exploit BM Solutions by introducing mortgages which should never get approved but probably will.
Howard Reuben Cert CII (MP) CeRER
21:34 PM, 10th June 2013, About 10 years ago
3 per person.
As you can imagine, the BM Sols lending criteria is comprehensive and contains many 'hoops to jump through' and so a very brief extract of their updated criteria manual is as follows;
Affordability is assessed using the anticipated rental income from the property.
Monthly rental income must cover a minimum of 125% of the mortgage interest at initial product pay rate, or 125% of the mortgage interest at a notional rate (currently 5%), whichever is higher.
A £2,000,000 lending limit applies to all Buy to Let, Let to Buy and House 2 House borrowing across the Retail Division of Lloyds Banking Group (The Retail Division of Lloyds Banking Group consists of Bank of Scotland, Birmingham Midshires, C&G, TMB, Halifax, Intelligent Finance, Lloyds TSB, Lloyds TSB Scotland and Scottish Widows).
DEFINITION OF INCOME
There is no minimum income requirement.
Rental income cover requirements can be found by using the Buy to Let rental income calculator. (NOTE FROM HOWARD - use your Broker for this calculator) Monthly rental income must cover a minimum of 125% of the mortgage interest at initial product pay rate, or 125% of the mortgage interest at a notional rate (currently 5%), whichever is higher."
So, for all potential BM Sols BTL borrowers, you can see that many calculations, checks and assessments are carried out before formal acceptance. Use a Broker!
Thank you Mark for your comment re being conscientious, but of course people will still unfortunately try and cut corners to 'get a deal through' however with BM Solutions, by the way, BM won't talk direct with a borrower (it cuts out the tyre kickers and liars), so borrowers do have to go via a Broker.
When we achieve 'approvals', the applications do go through (unless the valuer comes back and downvalues the deal - but that's a whole other thread!)
One final BM 'criteria' note for any FTB'ers;
"Not available to First Time Buyers.
The applicants must currently own a property in the UK; this will need to be validated before an offer can be made.
Where possible, we will use the credit reference search to validate property ownership"
So, for existing property owners, with income less than £25k, and fewer than 3 Lloyds mortgages ( 🙂 ! ), it's still very good news!
Mark Alexander - Founder of Property118
22:01 PM, 10th June 2013, About 10 years ago
As you've probably gathered Howard, I'm really not a big fam of BM Solutions and their Mickey Mouse underwriting.
For the right circumstances, for the right borrowers and via a responsible intermediary this announcent from BM Solutions is great news. For wannabe investors who can't afford these loans but may still qualify this is a financial disaster in the making.
As you know Howard, I am one of your biggest fans. I couldn't resist the opportunity to have a pop at BMSolutions though after the devestation of what their incompetance caused to many of my former employees.
Howard Reuben Cert CII (MP) CeRER
15:19 PM, 11th June 2013, About 10 years ago
Calling all BM Sols mortgage holders.....
Are you a joint borrower on 3x or less BM mortgages?
Now that BM Solutions has relaxed the income criteria, there is an opportunity to DOUBLE your 3 to 6x BM Mortgages between you and your partner.
If you needed to be a joint borrower to satisfy the previous £25k min income requirements, you can now change this around (with a Brokers guidance) and increase your portfolio by another 3x properties!
Are you hoping to become a First Time Landlord?
BM Sols are one of the few BTL specialist lenders who allow FTL's with no minimum income requirement, too. (you do have to be a property owner already, this is not available to FTB'ers)
Further advances for existing BM mortgages - if you've been putting off taking a further advance on your BTL property(ies) because your income at this time did not reach the £25k min income, you CAN now apply and release the equity (within usual LTV and rental limits, of course) to assist towards deposits etc for further purchases too!