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:
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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
Mark Alexander - Founder of Property118
9:35 AM, 28th January 2014, About 9 years ago
If you can borrow money at that rate you would be crazy not to!
Word of catution though, I think access to Open Plan mortgage drawdowns may have been closed so please check into that before you get too excited.
If the money is still available I would get it out ASAP if I were you.
By shopping around you should be able to find a better rate than the rate you are paying. HMRC might suggest you can't claim tax relief on the cash unless you use it to re-invest. If that happens, point out intent. If the money is sitting in a seperate account and you haven't spent it personally it is easy to argue that your rationalle for borrowing the cheap money was to do so whilst it was available at that rate and it is your "INTENT" to reinvest it. If you decide to spend the money on anything other than property you must immediately cease offsetting the extra interest against you rental profits of course.
Now to turn to buying. Please remember to leave yourself with a liquidity reserve. I have documented my property investment strategy in a series of 14 blogs which I hope you will find useful at this stage, please see >>> http://www.property118.com/how-to-become-a-landlord/60765/
13:51 PM, 28th January 2014, About 9 years ago
Thank you for your response.
I have checked the open plan position and yes, the access to £50,000 is still available. The open plan mortgage is on my own home and not the buy to let ( just to confirm).
What strategy would you use in this position? I was looking at a 2 bed semi at around £100000. I could put £25000 down from my open plan mortgage and have a buy to let mortgage of £75000.
Rent in my area would be around £500 pcm. Or is there a better way to do this ?
10:41 AM, 29th January 2014, About 9 years ago
Reply to the comment left by "Mark Alexander" at "28/01/2014 - 09:35":
Mark, Why can't tax relief be claimed in these circumstances ?
Mark Alexander - Founder of Property118
12:00 PM, 29th January 2014, About 9 years ago
Reply to the comment left by "DC " at "29/01/2014 - 10:41":
Can you be a bit more specific please?
I think I said tax relief could be claimed so I'm interested to understand which part of my post was unclear.
Mark Alexander - Founder of Property118
12:07 PM, 29th January 2014, About 9 years ago
OK, I have now re-read what I've said so I will expand.
If the money raised is reinvested into property the interest payable can be offset against rental profits.
If the money raised is held on deposit with the intention of reinvesting into property the interest payable can be offset against rental profits.
If the money raised is spent on anything other than rental property the interest payable can be only offset against rental profits for the proportion of the debt which does not exceed the original purchase price of the property.
For example, if you paid £100k for a property and had a £75k mortgage and now refinanced to 75% of an increased value of £200k that would raise an extra £75k. If you go and buy a flash car with that money you can only offset interest on £25k against rental profits. However, if you invest the £75k into buying more BTL properties or refurbishing existing ones then you can offset the interest on the whole £75k against your rental profits.
Is that better?
14:33 PM, 29th January 2014, About 9 years ago
Yes, your initial comments were a bit of a red herring as I assumed you had a little more info than DB’s original post showed as there was no mention by DB that he was drawing more money down than the original purchase price of the property.
Now that you have included that crucial point, "...interest payable can be only offset against rental profits for the proportion of the debt which does not exceed the original purchase price...", it will make sense to those that weren’t aware of your important point on offsetting against income tax in these circs.
As Mark says, it would be silly not to make the most of that very low interest rate because we may never see the likes of it again within our lifetime.
If you have sufficient contingency money to cover yourself against any financial problems and if you have carried out sufficient due diligence then it may make sense to consider utilising enough of the available money to purchase two properties now.
If you are able to buy below true market value that would be a bonus and assuming they will be in an area where values are on the rise then consider short term fixed rate BTL mortgages with a view to looking to release your own money by remortgaging in the not too distant future.
This method may not be everyones cup of tea but by obtaining the correct advice from suitably qualified people, available through Property 118, would definitely be worth considering in your circs.
15:35 PM, 29th January 2014, About 9 years ago
By the way, you can aggregate the values of all properties in a portfolio and borrow against them up to the total while claiming tax relief - not just on a prop by prop basis. I used that a couple of years back to cut my tax due, after an exchange of letters with HMRC allowed it. What I must do, though, is to draw up records as to how much borrowing went on further deposits and refurbishment.
Mark Alexander - Founder of Property118
16:04 PM, 29th January 2014, About 9 years ago
Reply to the comment left by "Jerry Jones" at "29/01/2014 - 15:35":
Sorry Jerry, you have totally lost me there, exaggerating the purchase price of a property or falsely declaring expenses to HMRC are both criminal offences. Maybe I have misunderstood what you were trying to say?
16:44 PM, 29th January 2014, About 9 years ago
Thanks for all of your help mark /DC .
We seem to have gone off topic a bit but that's fine . My main question being 'should I raise a deposit from my open plan mortgage to fund a but to let' has been answered. And I like DCs idea of remortgaging in a few years to release the money back.
17:05 PM, 29th January 2014, About 9 years ago
Reply to the comment left by "Mark Alexander" at "29/01/2014 - 16:04":
I am neither an idiot nor a criminal - let me try again to explain:
When doing as you suggest, and claiming against tax the interest on money borrowed, up to the original purchase price, this does not just apply on a property-by-property basis. I aggregated the values of all properties when they had been added to the rental portfolio and all the mortgages on them. Although some that had originally been bought cheaply and later remortgaged had mortgages on them well in excess of their purchase price, when aggregated with the other properties in the portfolio whose mortgages were still well below their purchase price, the total borrowing was well under the total purchase price of the portfolio as a whole. HMRC confirmed that this was a valid way to calculate the limit of borrowing that could have its interest set off against rental income for tax purposes. I was able to use that fact to adjust a previous year's tax return and the future ones.
Before I borrow further, though, and take the total borrowing above original value, I shall have to calculate how much of the borrowing was actually used to finance further purchases, as that will affect the calculation of how much interest will be allowable, as you have pointed out.