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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||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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- 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
19:25 PM, 22nd August 2012, About 11 years ago
I hadnt realise that residential mortgages being used to fund buy-to-let purchases is fraudulent - been doing it for 20 years. Beats blowing it on holidays.
7:57 AM, 23rd August 2012, About 11 years ago
If one bothers to read the conditions for consumer credit facilities you will find they all ban them from being used for ANY business purpose.
NOBODY takes the slightest notice of that.
How many people have remortgaged on their PPR to raise a deposit for a BTL property.
They put the money in a savings account and then 6 months later they purchase.
Technically fraud, but everyone does it.
Credit cards used for business purposes, everyone does it; breach of conditions.
Lots of people cannot obtain a long term IO only residential mortgage, so they just obtain a BTL mortgage.
Their 'tenant' vacates once the initial 6 month tenancy has elapsed.and they have to move in, job done.
Or they don't move in and obtain another 'tenant'.
Providing the mortgage is paid who will ever know!?
You just have to ensure you have a separate address for post, like your Mum's.
Or arrange to collect it from a PO personally.
This prevents the lender seeing any bank account etc showing as the BTL mortgage address.
A little inconvenient, but the big prize is , you got the mortgage you needed.
I can see lots of FTB becoming BTL LL going for the Manchester BS deal and 'renting' out!!
Mark Alexander - Founder of Property118
8:27 AM, 23rd August 2012, About 11 years ago
There is nothing wrong with the principals of remortgaging a private residence to raise deposits for buy to let so long as the purpose of the loan is declared to the mortgage lender. As for the other points, a crime is still a crime whether you get caught or not. Most criminals commit crimes in the belief they will not get caught. It is very clear from these figures provided by Experian that some do. The maximum penalty for mortgage fraud is 14 years in prison.
2:26 AM, 24th August 2012, About 11 years ago
Absolutely you are CORRECT Mark.
However if one declared the true purpose of a mortgage advance, say for business investment purposes or in this case to purchase a BTL property, the application would be refused as most residential mortgages specifically prohibit any such advance monies being spent on anything other than consumer purposes.
So you can spend the money on a boob job,spend it on a car, spend it on a holiday but you can't spend it on a deposit for an investement property.
So most LL using their equity in their PPR for purchasing BTL property have all been; how shall we say..............economical with the truth!
The same goes for LL using credit card balance transfers for deposits.
All these are in breach of terms and conditions
Everybody does it, which technically makes them ALL criminals.
So it is pointless stating the true purpose of such a mortgage advance as it is then on record and any future applications will be scrutinsed even further.
I am afraid if you want to get into property you have to be economical with the truth, unless you have vast pots of money.
Most little LL are not in this position and they have to utilise all means to use any facilities they have to try and purchase BTL property.
For most this means credit card, personal loans, and remortgaging their PPR.
All these methods potentilally criminalise the applicant.
That is the reality of the situation whether one likes it or not.
Very few credit card, personal loan or mortgage companies will ever ascertain what those comsumer funds were actually spent on.
Quite frankly they are not bothered aslong as you keep the payments up.
They are required to have these conditions as it is all part of the regulatory framework.
In life there have to be many grey areas if you wish to get ahead.
If you don't the poor will remain poor and the rich will just get richer.
The little man has to do something to address the imbalance.
This is done via consumer based credit facilities which will always be technically illegal.
This is just the way things are and WILL continue to be.
Many entrepneurs have started businesses on credit cards and personal loans.
Technically they are all criminals
One just has to be realistic and accept that not everything will be carried out in strict conformity with regulations.
3:29 AM, 24th August 2012, About 11 years ago
I very much doubt that when you applied for your remortgage you stated the true purpose of the advance.
Had you done so then you would have been most unlikely to have received the funds.
All you have done is basically lied like millions of people did when they were driving round in their house extensions!!
You would have thought the best use a remortgage could be used for would be for a future property; which was the sensible thing you didTechnically your are a criminal, but probably a rich one on the basis of shrewd investment in rental properties!!
The banks though are stupid.
Mark Alexander - Founder of Property118
9:02 AM, 24th August 2012, About 11 years ago
Paul - capital raising to fund buy to let deposits is a perfectly acceptable "purpose of loan" for several mortgage lenders. A good mortgage broker will know which ones they are. What you are advocating is to commit mortgage fraud, the maximum penalty for which is 14 years. I do not recommend anybody reading your post to follow your advice for this reason. Anybody needing advice on which lenders to approach without the need to tell lies and risk imprisonment should call my business partner, Neil Patterson, on 01603 489118
12:08 PM, 24th August 2012, About 11 years ago
No I absolutely agree with you; if there are brokers out there that know the lenders that will allow remortgage on a PPR for investment purposes then fine if your mortgage happens to be with that provider.
If it isn't what do you do!?
I am not for one moment advising anyone not to make a full declaration as to the purpose for the remortgage, I am conjecturing that probably millions of people have NOT stated the true reason.
Totally wrong and fraudulent; I couldn't agree more; but everybody has done and is doing it!
Of course any person should seek the legitimate and legal way to do things.
Unfortunately due to restrictive circumstances with lenders it is just not possible.
I am not advocating an illegal course of action
;but discussing what millions of borrowers do on a daily basis.
The legitimate route to financing a BTL is one I would wholeheartedly endorse as the ONLY way it should be done.
Trouble is this way does not work in the majority of cases, so what to do.
Remember as soon as data is down on an application form all potential lenders will see this via the national hunter system.
Therefore you need to know what a lender's position is for what you are seeking before you put pen to paper.
It is called DD and then yo may make your necessary judgement as to how you wish to proceed.
I would not advocate any particular course of action, but suggest you need to be fully informed as to the effects you have on yourself by making relevant applications.
The CORRECT way is always the legal way.
Should anyone wish to be at variance to that philosophy that is their choice' but also their lookout.
I recommend your course of action which is always and necessarily has to be the correct way.
Others will do things a different way.
That is their lookout.
Yout advice is correct, period.
Mark Alexander - Founder of Property118
13:12 PM, 24th August 2012, About 11 years ago
"What do you do?"
The choices are:-
1) Tell lies and hope you don't get caught but risk up to 14 years at her majesty's pleasure
2) Remortgage to a lender that can help without having to tell lies
3) Take a second charge secured loan from a lender that can help without having to tell lies. Could be useful if you don't want to remortgage off a very competitive deal
4) Talk to your bank or a commercial finance broker about taking a commercial facility secured by way of second charge over your home
5) Do nothing
And yes, I agree that a lot of people have chosen option one. More fool them in my opinion.
15:21 PM, 24th August 2012, About 11 years ago
I agree your solutions are the best ones.
I think a lot choose the the wrong one because they don't know about the options you have suggested.
They don't know that they should ask and presume a certain way, even though they are only borrowers.
It seems sometimes people don't know how or who to ask the right questions of and conequently put themselves in possibly a bad situation.
As you suggest not for the faint-hearted.
Me I'd go your way.
I wouldn't want to risk my investments due to false declaration.
Thinking about it I have never made any false decfalrations.
I like to think I can sleep easy without worrying about if someone comes banging on my door in the early hours!
I have always played with a straight bat; but I know millions don't.
All I can say they have bigger cahonies than me!!