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:
|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:
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||Helps to understand how their visitors engage with our website
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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
14:36 PM, 26th June 2017, About 6 years ago
Hi Neil it's Neil 🙂
The flaw here is only considering a straight percentage comparison between section 24 and interest rates.
Section 24 can push Landlords into being high rate tax payers paying tax on non existent profit. It assumes all rent is profit before mortgage interest is deducted. Therefore you could actually be making a loss and be paying high rate tax at an infinite percentage of profit !!!!!
Therefore the assessment has to be made first on the change in your tax position and any future change. Please see our updated tax planning page >> https://www.property118.com/tax/
Then you can assess if it is worth going the Limited Company route.
On the rate side it is impossible to say without getting one of our brokers to complete a full fact find with you as the rate you can obtain depends on hundreds of criteria. Yes 1.69% is one of the lowest standard BTL rates, but at 65% LTV you could possibly be looking at 2.95% for a limited company.
If you have had a whole of market search completed on your behalf after a full fact find then these rates are likely to be reasonably accurate.
Yes most Ltd company BTL lenders will want a personal guarantee, but then you are jointly and severally personally liable for the debt on a personal BTL loan as well.
I hope that helps a little.
21:10 PM, 26th June 2017, About 6 years ago
We also found that Precise mortgages required us to employ a second solicitor to explain to us the potential consequences of a personal guarantee - at £250 each for me and missus - on a £75k house! It appears we would then have to do the same again if we bought another house by the same route!
22:53 PM, 26th June 2017, About 6 years ago
My feeling is that as this way of purchasing becomes the norm, the price gap between personal and company BTL mortgages will close.
The downside is that as this becomes more popular, the government will do its best to remove the tax advantage of this method of buying, potentiality leaving you with a higher mortgage rate and no tax advantage.
12:40 PM, 27th June 2017, About 6 years ago
I agree with HB that the gap will close as more lenders start to enter the ltd company mortgage market. I have also just made my first purchase within a limited company and had to get a second solicitor involved, although I managed to negotiate the fee to £150+VAT total for both of us.
1:42 AM, 28th June 2017, About 6 years ago
I am just about starting to explore options to buying my next BTL properties within a Ltd. company structure. I have looked at a few sources - Fleet Mortgages, Kent Reliance, Aldemore, SBI UK, Keystone Finance and brokers such as Mortgage for Business and Brooklands Commercial Finance. And I think you should be able to get better rates than what your IFA has proposed !!
As Neil Patterson say above, there is much more advantage to a Ltd. company purchase, than the 20% taxation on income. Contact one of the brokers above and you'll probably be better off.
Hope this helps.
16:52 PM, 28th June 2017, About 6 years ago
Funnily enough, I just came across this article in Property Wire which highlights the fact that Ltd Co BTL might not be the most efficient option (depending on how many properties you own & your personal circumstances).
Howard Reuben Cert CII (MP) CeRER
10:05 AM, 3rd July 2017, About 6 years ago
Being a Ltd Company borrower can possibly have the right tax advantages (mainly for higher rate tax payers of course), but one factor that many people overlook is the massive benefit of succession planning.
Ok, let's put to one side the rates and fees for each mortgage product (although by the way, yes, our Firm - see my profile - is definitely able to find better value costs than what has been quoted above) and let's instead look at the long term, or maybe the short term (who knows when we're going to part this mortal coil) and who is going to inherit your assets?
If the debt isn't covered, the assets might have to be sold. That removes ongoing income, future capital growth, possible reduction in actual value at sale due to CGT liability, possible reduced value due to a 'fire sale' to quickly dispose in order to repay lenders, as well as the grief and the uncertainty of how the surviving family will cost effectively and legally take over the property ownership.
Not all intended beneficiaries are sufficiently credit worthy to take on the mortgage, or remortgage in to their own names. Not all BTL mortgages run past your age of 75, 80, 85. What happens when you reach 85? You'll be too old to remortgage and will be forced to repay the debt(s).
A Limited Company ownership, with family members as shareholders could potentially save most of the issues above.
Irrespective of rates and fees, succession planning - in my professional opinion (both as a Broker, but also as a long term portfolio landlord myself too) - should be a factor hat's considered at the outset and upon your annual business review (after all, running BTL's is a business irrespective of how you own the assets anyway, isn't it?) .
H D Consultants is a team of professional Advisers who have privileged access to the widest possible property investor finance marketplace via our two FCA authorised sister Companies. Whether the finance is required for individuals, partnerships, LLP's, Trusts or Limited Companies, our research and formal recommendation service is based on wanting a long term relationship with our Clients (we have been going strong - without a penny in to advertising - for over 24 years now) and our associates (specialist tax advisers, legal consultants, insurers, lenders and estate planners) all work together for your benefit.
So, even though the subject title is "Are Limited Company Buy to Let Mortgages worth it?" the answer is yes, if you have to raise finance to ensure your short, medium and long term asset protection plans are robust and 'future proofed' too.
Final note on mortgages - Why not take a look at Property118's mortgage sourcing tool (online, user friendly and free to use) here > https://www.property118.com/mortgage-sourcing and then call us for a comparative quote for Ltd Company mortgages?
Howard Reuben recently posted...HD Consultants Testimonials - Mortgage & Protection | Buy To Let | Colchester