Privacy Policy
BACKGROUND:
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.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
| “Account” |
means an account required to access and/or use certain areas and features of Our Site; |
| “Cookie” |
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; |
| “Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
| “personal data” |
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 |
| “We/Us/Our” |
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 npatterson@property118.com, 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?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- 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?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- 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?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- 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.
- You may restrict Our use of Cookies. For more information, see section 13.
- 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 info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- 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:
| Name of Cookie |
Purpose |
Strictly Necessary |
| JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
| __cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- 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:
| Name of Cookie |
First / Third Party |
Provider |
Purpose |
| __utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
| _fbp |
First |
Facebook |
Helps to understand how their visitors engage with our website |
- 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
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
Neil Patterson
8:48 AM, 23rd May 2014, About 10 years ago
Hi Angus,
Applying for an agreement in principle from Virgin or another lender pre-completion could have highlighted any credit scoring issues unless it is a very recent change to your circumstances.
Yes there are other lenders that will remortgage inside 6 months, but it does depend on LTV, rental income, works carried out etc.
Bridging finance is not intended to be a long term secured loan and would normally require being repaid inside 6 months.
The key to finding a suitable lender is to first understand why you failed the credit score. Have you applied for your Experian and Equifax reports yet to see exactly what is on your credit file. eg in the last 6 years have there been any missed payments recorded, defaults or CCJs. You could even be the victim of fraud without knowing it.
Have you asked your broker yet why there are no other options so you understand what the situation is?
9:04 AM, 23rd May 2014, About 10 years ago
My 1st question is why is it lenders don't like to lend when you have purchased a property for cash and wish to re mortgage within 6 months.
My next advice is to agree with getting your credit score which could still be a lengthy process rectifying your score if you do have adverse credit.
My advice is ask for a low loan to value this way you still get some working capitol back and will probably find the lender will increase the loan to val when you have proved your self to them that your not a risk
Neil Patterson
9:20 AM, 23rd May 2014, About 10 years ago
Reply to the comment left by "Lee Alderson" at "23/05/2014 - 09:04":
The reticence to remortgage before 6 months is really a hang over from the credit crunch where some lenders lost their shirts on back to back deals which were subsequently perceived as overvalued.
No Money Down deals were a large part to blame and mostly involved mortgage fraud.
Therefore rather than differentiate between different types of deals it is just easier and cheaper for lenders not to do them.
Linda Price
9:26 AM, 23rd May 2014, About 10 years ago
As we are now only buying via limited companies, finding lenders is always a problem. We have found Barclays and Lloyds are willing to help us at around 3.4% above base but only on a repayment basis 🙁
Barclays are lending on the rental income and Lloyds more on the LTV, but neither will really go above 60% LTV (our max for comfort so that's ok with us)
If anyone comes up with a lender who will do interest only for limited companies at reasonable rates, please let me know. I would much rather spend the repayment part on either keeping my existing properties in tip top condition or saving to buy another one, especially as there is no tax relief on that money either.
Michael Mansfield-Corbett
9:28 AM, 23rd May 2014, About 10 years ago
Try Aldermore
Pete Judd
9:30 AM, 23rd May 2014, About 10 years ago
I've just been reading an article in The RLA magazine about Crowd Funding (ie peer to peer lending) for property purchase and refurb. I only know a little about this because I looked at putting some spare cash into ZOPA a while ago. I wondered if any one else had any knowledge about this.
Angus Moore
9:33 AM, 23rd May 2014, About 10 years ago
Reply to the comment left by "Neil Patterson" at "23/05/2014 - 08:48":
Hi Neil,
Many thanks for your quick response to my post. To give you a bit more info, I bought the flat jointly with my wife who has a good full time job and high salary. I'm self employed and on paper show a low income and also have some outstanding credit card borrowing from a previous property renovation (circa £30K) which will be paid off as soon as we can obtain a mortgage on the new property.
I recently checked my experian report and it was 'fair' with no missed payments CCJ's etc.
The amount we applied for from Virgin was the purchase price of £182K (excluding renovation costs) but the flat is currently worth around £285k so there's plenty of equity, and rental income will be around £11-1200 pcm
We also have a large amount of equity in our own house and another BTL with good equity.
Our broker thinks we are a good prospect for a lender but Virgin have rejected us on the points scoring.
It's a crazy market out there at the moment for sure 🙂
Howard Reuben Cert CII (MP) CeRER
9:51 AM, 23rd May 2014, About 10 years ago
There are a few points raised in both the original question, and the subsequent replies.
Firstly, Neil's first comment is absolutely spot on. Assuming the initial BTL valuers were only ultimately instructed because in the first place you passed the lenders AIP, it could be that VM then did another credit check / score and new information came to light? In which case, you definitely do need to obtain up to date credit reports from the main credit reference agencies to see if there is any new detrimental information on it.
The '6 month rule' is an internal guideline for those lenders that implement such a strategy. It is not 'the law', a regulation or an industry stipulation. Most lenders use it (simply because they choose to include this boundary in their criteria) but there are lenders who do not use it at all.
To answer the original question and also Linda Price's point at the same time, there are indeed lenders who offer interest only, BTL, long term, within 6 month mortgages - and we arrange this finance for our Clients all the time - up to 75%LTV.
In fact, these deals are also available based on the 'new' open market value, as long as you can substantiate why there is an enhanced value from the date of purchase to the date of the new mortgage being implemented.
I am happy to point out case studies on our website, and also to discuss this in detail based on your own personal and financial situation.
To contact me or any of my team of financial advisers to discuss further (and we can provide either face to face meetings or 'remote' advice throughout the whole of the UK) please click on my profile link above.
Hope this helps.
Howard
Neil Patterson
10:31 AM, 23rd May 2014, About 10 years ago
Reply to the comment left by "Phillip Moore" at "23/05/2014 - 09:33":
Hi Angus,
You have a lot of positive factors in your favour. Sometimes a lender is just not the right fit for you, but other options I am sure will be.
If you need any help just let me know npatterson@property118.com
All BankersAreBarstewards Smith
11:47 AM, 23rd May 2014, About 10 years ago
limited companies..... I am in the middle of a purchasing challenge... I am buying a property from a limited company - its been owned ages by Ltd. and the Ltd Co has been around ages... so no fly by nighters here !
but I have been turned down by the lender TMW .... so owning properties in a limited vehicle may increase challenges further down the line...
Natwest are talking to me about a capital repayment product at the moment but with a lower LTV than I would like.....