Privacy Policy
BACKGROUND:
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.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
| “Account” |
means an account required to access and/or use certain areas and features of Our Site; |
| “Cookie” |
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; |
| “Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
| “personal data” |
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 |
| “We/Us/Our” |
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 npatterson@property118.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?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- 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?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- 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?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- 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.
- You may restrict Our use of Cookies. For more information, see section 13.
- 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 info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- 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 |
Purpose |
Strictly Necessary |
| JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
| __cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- 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:
| Name of Cookie |
First / Third Party |
Provider |
Purpose |
| __utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
| _fbp |
First |
Facebook |
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
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
Howard Reuben Cert CII (MP) CeRER
16:02 PM, 4th August 2015, About 9 years ago
"(ii) to provide us with alternative or additional security acceptable to us (at our discretion) which would, when aggregated with the value of the property, ensure the LTV is equal to or less than the original LTV"
What none of us truly know at this time is how they would be able to enforce that?
For any lender to take a charge on another property against your will, would it not have to be via a legal action and unless you had defaulted on your payments, would a court actually allow this anyway?
Things are however always changing in our marketplace and will change again next year when some BTL’s will be deemed as regulated.
Would be interested to know how many people actually fully read the conditions booklet……not many I would guess.
Dr Monty Drawbridge
16:11 PM, 4th August 2015, About 9 years ago
Commercial loans (especially shorter term development) often include these clauses. During the recession NAB Clydesdale threatened to enforce a similar clause to encourage me to agree to a higher interest rate mid term. My latest lender included a similar term but I refused to sign unless they built in a cushion, which they eventually agreed to. Ironically, I think they liked the fact that I was being cautious.
Shakeel Ahmad
19:24 PM, 4th August 2015, About 9 years ago
They may have never used it. The fact is. it is there & they can use it, should concern every prudent borrower.
Placing a charge over another property would be construed as a second charge. The majority of the lenders do not allow this as it diminishes their security unless of course there is substantial equity in the property.
Forum users will know of West Brom using a reason which was not even in the terms & conditions.
There is always the grounds of unfair/restrictive clauses.
Joel Hearne
21:30 PM, 5th August 2015, About 9 years ago
Reply to the comment left by "Howard Reuben" at "04/08/2015 - 16:02":
Hi Reuben,
Can you say that hand on haert to every Mortgage your firm has done with TMW you have pointed out that very clause I have raised here in the terms and condition handbook? Most brokers I talk to say that they dont read the smaller terms and conditions.
What I find annoying is that this should be put in bold in the main paperwork offer where they tell you what the monthly payment will be? Obviously maybe bad for business! Leaves a bad taste to tell the truth....
If a landlord takes out a few TMW loans and the market turns on them, a clause like this if enforceable which I dont see why not can ruin a landlord.
One of the fundamental basis that Mark A talks about in growing a buy to let business is that when property prices go down , you take the lenders money down also and then you use your assets/cash to buy more, this clause is not allowing you to do that and is hurting the borrower....
Michael Barnes
11:55 AM, 6th August 2015, About 9 years ago
Sounds to me like you want to take the benefits if prices rise, but have the mortgage company take the pain if prices fall and you can no longer pay the mortgage.
I would suggest, as Dr Monty has indicated above, that you negotiate on these clauses.
E.g.
a) Aim for having the clause come into effect only when LTV reaches 85%
b) Aim for having it changed to a specific LTV, which may be higher than the initial LTV, say 75%.
c) Ensure that you can pay off some of the mortgage each year without penalty, so if it looks like you are getting toward the 85% (in this example) then you can pay some off without having to bring it all the way down to 75%
d) Negotiate on the valuation clause so that it is based on an online price-change calculator, not a new survey.
Essentially, aim for making it fairer for you whilst maintaining security for the lender.
And whilst you are at it, negotiate on any other problematic clauses, e.g.
- In the wake of West Brom, ensure that any clause to call in the mortgage before the end of the term can only be invoked if you are more than 1.5 month's payments in arrears and have been for at least 2 weeks,
- Ensure that the priority of conditions in multiple documents is stated and acceptable.
- Ensure that there are no woolly worded reasons for them to hike the rate, or do other things.
BUT beware, that if you have negotiated on terms, then you will have less legal protection for unfair terms in the contract (even if you did not negotiate on those).
Monty Bodkin
12:15 PM, 6th August 2015, About 9 years ago
Reply to the comment left by "Michael Barnes" at "06/08/2015 - 11:55":
I don't think TMW will negotiate individual terms and conditions.
I have recently taken a loan out with TMW and I did read all the T&C's, including the term Joel highlights but went ahead as they were the best lender for me at that time with that property. All lenders have some howlers hidden away, it is a case of knowing them and assessing the risk.
I also think Joel may be preaching to the converted here on 118, anyone knowing about the weaseling of BofI, West Brom will surely be checking the smallest of print.
Joel Hearne
12:58 PM, 6th August 2015, About 9 years ago
Reply to the comment left by "Michael Barnes" at "06/08/2015 - 11:55":
Hi, not sure you have fully thought about your comment, if prices fall I will have sufficient cash/assets to buy more property at reduced prices so of course I will be able to pay the mortgage. What I do not want to do at that point is to be forced to reduce the mortgage debt which I am easily able to pay. It's a no brainer and obvious buy to let strategy if you have cash/assets left on the sidelines. I dont want to be using that cash to reduce my current mortgage debt while great yield are available....
Michael Barnes
13:15 PM, 6th August 2015, About 9 years ago
Reply to the comment left by "Joel Hearne" at "06/08/2015 - 12:58":
I know what you want to achieve, but I also understand that the lender does not want to be out of pocket if prices do drop and for some reason you cannot keep up repayments (e.g. you die). The only way they can do that is to ensure that there is sufficient equity in the property to cover the loan and their cost of recovery.
Overall it sounds like you want all the rewards with none of the risk.
Howard Reuben Cert CII (MP) CeRER
13:23 PM, 6th August 2015, About 9 years ago
Reply to the comment left by "Joel Hearne" at "05/08/2015 - 21:30":
Hi Joel
Reuben is my surname, Howard is my first name.
You raised two interesting points;
1) does a Broker read out the mortgage conditions to every borrower and
2) " .....when property prices go down , you take the lenders money down also and then you use your assets/cash to buy more"
My replies;
1) We are all individually responsible - as borrowers and party to the contract (i.e. the mortgage Offer and T's and C's) - to read the contract terms that we enter in to with the bank.
We all know that the bank will always refer to their contract that the borrowers sign in acceptance, when they want to update, change, amend or instigate terms.
So, it's not a case of whether the Broker reads out the full contract terms and it's not a blame game either, it's basic sense that we all read what we're signing up to. Whether we all do or not is up fro debate.
2) Not sure that works if you're already on a high LTV and if values come down how can extra equity be released if you're already LTV max'd out? If you are choosing to use your own funds / assets to buy more then that is another matter, but if you follow Mark's leveraging advice then you seem to be contradicting these strategies?
I agree with Monty "I have recently taken a loan out with TMW and I did read all the T&C’s, including the term Joel highlights but went ahead as they were the best lender for me at that time with that property. All lenders have some howlers hidden away, it is a case of knowing them and assessing the risk."
Michael Barnes
13:48 PM, 6th August 2015, About 9 years ago
Reply to the comment left by "Monty Bodkin" at "06/08/2015 - 12:15":
I was replying in general, for readers who have not considered negotiating over onerous terms.
If a lender will not negotiate, then you have not lost anything and you can choose to walk away or not.
On the other hand, if you don't ask, then yo won't get.