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:
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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
10:44 AM, 16th September 2013, About 10 years ago
A residential mortgage will be tricky to find as you rightly guess. Technically it could be possible if you are able to get consent to let form day one, but in practice a lender is likely to think you are just trying to get a Buy to Let on residential rates via the "back door" and decline the loan.
A Buy to Let mortgage would fit the use of the property now, however if you have any intention to live in the property in the future it must be treated as a regulated loan application under the FCA.
What this means is the application process is the same as a residential mortgage with a full Fact Find, product search results, KFI and Suitability Letter, but the end mortgage is a Buy to Let. The only difference is that not many lenders will consider taking on a regulated Buy to Let, but BM solutions are one of the biggest in this market that will.
The downside of a regulated Buy to Let will be possibly the rate and maximum Loan to Value (probably 75%) and then when you move in they may let you live in the property for a while but will look for you to swap to a residential rate at some point (normally after a year). Therefore you won't want a product with a long Early Repayment Charge (ERC) period in case you have to move the mortgage.
I have asked Howard to look into any possible exceptions for me and hopefully he will be able to do a little research and post a response by tomorrow.
15:41 PM, 16th September 2013, About 10 years ago
Be warned! Lenders are very aware of people using BTL mortgages to get into a residential situation.
We have a long thread about it on Property Tribes
In your case, your situation sounds legitimate, and therefore, you should approach this as a BTL purchase, then, when the time comes, speak to the lender in an open and transparent manner, and ask for their advice. People's circumstances ARE allowed to change.
It may be that you need to re-mortgage to a residential mortgage in 12 month's time.
Bear in mind also that most BTL lenders like "vacant possession", so you will need to go with a lender who allows tenants to remain in situ.
Mark Alexander - Founder of Property118
15:49 PM, 16th September 2013, About 10 years ago
My understanding of a regulated buy to let mortgage is that there is no requirement to refinance if, at a future date, you decide to live in the property. The important issue is full disclosure of intentions on day one. That said, it may well be worth looking into remortgaging when you do move in as a better deal may be available on residential mortgage terms. In your circumstances it is very important to seek professional advice from a fully qualified and insured whole of market mortgage adviser. This is the link to the member profile for Howard Rueben >>> http://www.property118.com/member/?id=314
DO NOT use a broker/packager in this instance unless they offer insured advice.
Stephen Pears - Mortgage Consultant HD Consultants
16:14 PM, 16th September 2013, About 10 years ago
The original poster doesn't provide enough information about his current circumstances.
There are a limited number of lenders who MAY allow a regulated residential mortgage in certain circumstances with the knowledge you will not be living in it for the first 12 months. The word MAY is highlighted for a reason
A couple of examples are Armed Forces personnel and people being contracted (away) with work for 12 months.
There must be a very plausible explanation for reason a residential mortgage product is requested and the lender will probably require evidence - tour of duty notice or employment contract using my examples.
The lender will also look at the profile of the applicant in more detail than a standard application
17:06 PM, 16th September 2013, About 10 years ago
If he plans to remortgage he should be aware of any tie-in period to early repayment charges.
18:40 PM, 16th September 2013, About 10 years ago
Reply to the comment left by "Puzzler " at "16/09/2013 - 17:06":
Thanks for your comments everybody. Here is some further info as SP suggests further clarity is needed.
I am currently in the armed forces and have housing provided by my employer.
The house I have been offered is currently owned by a friend and he has tenants in it that will be staying for approx 12 months more. I will be moving job location in 12 months (which ties in with when the tenants are leaving).
Although I genuinely want to buy the house to live in it when the tenants leave in 12 months, I would like to buy it now for two reasons: 1- to benefit from the rental income over the next 12 months, 2-to benefit from the increase in house prices over the next 12 months.
All facts will be presented transparently but I have struggled in the past with getting mortgage advisors to understand situations outside bog standard normal BTL or residential. I have checked affordability/eligibility with a couple of residential lenders and they are genuinely happy to lend on this property as a straight residential mortgage - my point is that this is not a back door to getting a loan we cannot afford.
19:12 PM, 16th September 2013, About 10 years ago
Found this on http://www.capitalfortune.com/hm-forces/armed-forces-mortgage:
"Armed Forces Mortgage - Armed forces mortgage refers to a mortgage with bespoke conditions based on the needs of those in the armed forces. An armed forces mortgage may provide the added flexibility required by those in the army, navy and RAF when posted abroad or at a significant distance from their residential property. In particular, armed forces mortgage packages may allow the property to be let out without requiring a buy-to-let package to be secured. This can enable those in the armed forces to secure a residential mortgage on a buy-to-let property if the intention is that this will be the long term primary residence."
This site might be helpful too: http://www.af-mortgageservices.co.uk/
(I have no affiliation with either of these; just thought they looked relevant to your situation. You can also Google"military mortgages" or "armed forces mortgages" for more.)
Mark Alexander - Founder of Property118
20:14 PM, 16th September 2013, About 10 years ago
Reply to the comment left by "Lynne Davis" at "16/09/2013 - 19:12":
Good post Lynn, very helpful.
1:20 AM, 17th September 2013, About 10 years ago
Wow, the UK system of BTL v residential loans needs a major overhaul. I am Australian and have a couple rentals left and had other rentals and the system is so much easier and more transparent than this, that makes the discussion mute.
Ditto the rent rules are easier and more transparent making rental ownership for the common man simpler and more accessable, meaning more rentals available for the renter, much easier to remove someone, more investments around, tenants can stay in properties being sold if they want etc etc
Overhaul and transparency, rent rules, loans, mindset, good for all
No help to the discussion though sorry, just had to add it after reading this and other articles here for a while now...
Good luck all