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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||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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||First / Third Party
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||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
6:55 AM, 20th January 2015, About 8 years ago
The good news is that you are looking for approval of a secured loan based on a known property. Many people get Agreements in principle before they have found a property, but they are certainly no promise.
You could just get a mortgage offer letter, which is one stage before completion. Make sure you know how long a lenders offer letter lasts though as some are 3 months and some 6. Then you have that period of time to make up your mind. However be aware that in extreme circumstances and if your credit status changes even an offer letter can be withdrawn.
Commercial lender can also offer loans that can be drawn down as you need them, but this is usually more bespoke lending and hence the interest and fees are normally higher.
Before the credit crunch some BTL lenders offered a draw down facility, but I don't believe there are any left. However one of our Property118 brokers I am sure can put us right on that 🙂
Howard Reuben Cert CII (MP) CeRER
11:23 AM, 20th January 2015, About 8 years ago
Tom, I can confirm that Neil has beautifully summarised the key issues, being; an agreement in principle, or even a full mortgage Offer, may expire before you're ready to actually seal a deal, so you may have to go through the whole approval process all over again, or alternatively, as Neil says too, if approval / an Offer is issued and your credit status changes (many things could affect this, such as you have increased your credit card balances, you may have missed payments or suffered defaults, ccj's or even bankruptcies) then the banks Offer could be withdrawn altogether.
Even with an issued Offer in hand, the banks have the right to re-credit check you at the time of completion, so you may lose the Offer that you have paid fees to secure in the first place.
My suggestion is that as long as you know what your BTL value is and you crunch numbers using a guideline 75%LTV release, and you're confident of your credit status (and occupation and income status, etc, too) then when the time is right you should seek appropriate professional advice and contact a Property118 Broker (http://www.property118.com/member/?id=314) 🙂
I know this is a pretty vague answer however there is NO merit in being approved so far in advance of any action to be taken especially as new products, lenders and the BTL market in general is changing all the time as well.
Hope that helps.
13:22 PM, 20th January 2015, About 8 years ago
Just a thought, if the mortgage free property is your residential home, you could get an offset mortgage on this property, leave the funds in the linked cash account which would allow you to use the funds whenever you need them. You would probably have some up front fees to arrange this but I used one of these to great affect whilst flipping properties in the past.
13:38 PM, 20th January 2015, About 8 years ago
What interest rate could you get if you took a BTL mortgage now and put the money in the bank short term.
Howard Reuben Cert CII (MP) CeRER
14:13 PM, 20th January 2015, About 8 years ago
Interest rates are just one piece of the jigsaw. You may also need to factor in valuation fees, legal fees, broker fees, lenders arrangement fees, early redemption penalties etc., in order to determine true 'overall best value'.
It also depends on credit status, age, occupation, income etc., too.
I don't travel to Doncaster unfortunately but if you want personalised advice this could be arranged by 'phone or email? Alternatively you are welcome to visit HD Towers in Colchester anytime 🙂
17:31 PM, 20th January 2015, About 8 years ago
My suggestion was basically if Yom will require the funds at some stage, possibly at short notice what's the holding cost of drawing down the funds sooner rather than later and keeping them in a deposit account. I fully appreciate other costs are incurred, however my understanding was the funds would be required at some stage so those cost will be incurred, its just a matter of when.
11:14 AM, 21st January 2015, About 8 years ago
Thank you Neil and Howard . I'm getting a much clearer picture of what my options are now.
Ray - valid point but I can confirm that the property in question is not my Principal Private Residence. Good suggestion though.
Thank you everybody for your input.
Howard Reuben Cert CII (MP) CeRER
15:45 PM, 21st January 2015, About 8 years ago
Reply to the comment left by "Neal Craven" at "20/01/2015 - 17:31":
If you're putting to one side the costs for setting up the mortgage, then the 'other' cost is the difference in interest rates between the mortgage and what you can get from the savings / current account. Overall, probably not a good strategy to take the fund sooner rather than later. Our Clients secure formal approval and then draw down when required meaning no interest is being charged on unused monies.
20:13 PM, 24th January 2015, About 8 years ago
You probably know this. I do this often. My advice would be as follows
If you are going to buy anything at auction make sure your money is in your account before bidding.
Once the hammer goes down then you have bought the property. If I were you I would mortgage your current property and have the money in the bank ready to go when you find a property. If anything was to go wrong and you could not complete the mortgage on time, you could end up losing your deposit plus also be liable for any loss incurred by the seller if they could not reach the price you offered at a later auction. Unlikely but don't risk it.
With cash in the bank you might find good deals from sellers that are better than estate agents and auctions. I have worked this way for the last few years. You do have slightly higher legal bills. Buying cash then later re mortgaging to release funds but you can normally save on the purchase price by being in a stronger position to buy.
Auctions fees are not cheap. I hope this helps. Even knowing you are in a position to complete is a lot less stressful. I do have an off set mortgage account on my own home so when I borrow money on one of my houses. I put that money in my account until I need it.