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 email@example.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?
- 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 firstname.lastname@example.org, 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:
|Name of Cookie
||Used only to collect performance data, with any identifiable data obfuscated
||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.
- 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
|__utma, __utmb, __utmc, __utmt, __utmz
||Helps to understand how their visitors engage with our website
||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
10:54 AM, 30th December 2021, About A year ago
The best mortgage conceivable was the current account mortgage, but for some reason, people, even bank staff, failed to grasp how it worked, and eventually it was withdrawn. It saved us tons of interest and is what enabled us to start investing in rental properties. The offset mortgage is a poor second, but seems to be easier to understand.
Chris @ Possession Friend
11:08 AM, 30th December 2021, About A year ago
I had one many years ago, circa 1992 with the only provider ( ' at that time ' known, ) with First Direct.
Don't know the current position.
11:22 AM, 30th December 2021, About A year ago
Reply to the comment left by Morag at 30/12/2021 - 10:54
Agreed - we moved from our long standing OneAccount 2 years ago to a Barclays offset. OneAccount is now gone (sadly).
Not sure I see the benefits of a BTL offset - this only makes sense if your primary home is no longer mortgaged.
We use our offset mortgage as a our emergency cover + immediate cash purchase chest. If you are well behaved - it works a treat and bypasses the issues with lenders who become difficult (we have bought 2 houses the cash route after lenders got difficult - then re-mortgaged later once the lenders got themselves sorted out).
It's the same for buying cars - the seller wants to sell you a lovely loan with silly interest rates alongside the car - offset kills that off nicely.
The only downsides:
1) Higher rates vs other products.
2) You need to be very careful about who can access the savings/offset account - we use another layer of bank accounts so payments from the offset have to go through another bank account before it hits third parties...
I have recommended offsets to two other families who both say it has changed their financial lives!
11:57 AM, 30th December 2021, About A year ago
Certainly something we should consider asking our mortgage brokers for, as it offers a better solution for those with properties still in their own name who are now subject to the full impact of Section 24.
Lower interest earned = lower taxable income
Mortgage interest no longer reduces taxable profit and in most cases landlords are building up unused interest due to 20% restriction
12:31 PM, 30th December 2021, About A year ago
I still have many offset mortgage buy to let products from pre-2007 and think they are fantastic. What use to be The One Account one of the original and first products on the market is now run by RBS. Although the APR is 4.1% I dip in and out of it when I need to ... I see it as a big overdraft facility. Its great as you only pay interest on what you borrow. Others I have with Clydesdale Bank works slightly differently with a current account attached to the product. You pay the set interest each and every month but the balance in your current account offsets the interest applied to the loan so your loan balance decreases over time if your current account is in a positive balance. With an interest rate of Base + 1.05% its a product I will only redeem when the term expires !!!
12:35 PM, 30th December 2021, About A year ago
Family B/S BTL Offset has only 2 deals at present of 3.14% discounted rate up to 60% LTV & 3.44% up to 70% LTV. Clydesdale also has a BTL Offset product that goes up to 75% LTV but on a Repayment basis only but it's highly unlikely you'll be able to raise the full 75% because of their affordability assessment. However, unless you are going to offset a large proportion of what you owe, it's not worth taking the Clydesdale or FBS deals as the Clydesdale Offset variable rate is 4.95% & FBS 3.14/3.44% versus much lower standard BTL rates elsewhere.
12:57 PM, 30th December 2021, About A year ago
Reply to the comment left by Prakash Tanna at 30/12/2021 - 12:31
Yes Prakash, those were the same residential mortgages we had, and they were fantastic. Sadly withdrawn to new customers, and we couldn't take ours with us when we moved house as the new house and by now reduced retirement income didn't fit their criteria.
13:07 PM, 30th December 2021, About A year ago
They operated as a huge overdraft secured on the property. Every penny paid in reduced the daily interest due, so we used it for everything business and personal. The interest saved, despite the higher rate was unbelievable, and the balance dropped rapidly, so we could dip into it again at any time for property deposits or anything else.
13:31 PM, 30th December 2021, About A year ago
Reply to the comment left by Morag at 30/12/2021 - 12:57
I was fortunate enough to keep mines as buy to lets but they won't let me borrow more or extend the products beyond their expiry dates. They would prefer I re-mortgage for a new product and much higher rates which for me makes no sense. Fortunately they haven't tried to wriggle out of the deals and are honouring them till death do us part or the product expires! lol
8:23 AM, 1st January 2022, About A year ago
I've still got 5 of em.
One account (is still running, not taking new customers I believe)
They are great for buying houses cash as someone says above & re-mortgaging that cash one when u ready. And more often getting all your money back if u buy & plan right.
As others say above, got to be disciplined to pay straight back off so balance £0 as rates are normally more except Prakesh's great Clydesdale which I can remember getting close to one year, but for some reason din't go ahead.