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GDPR – it may change your process

GDPR

Just a quick heads up on how some lenders are dealing with GDPR.

It seems that many lenders are adopting a stance that your customer must be provided with the lenders privacy policy at the point of a DIP being entered on their system. Some may generate an email themselves from their portal. In a packaging / master broker scenario they may require us to provide it where we are doing some research on your behalf.

Whilst the legislation wasn’t designed to inundate consumers with more emails – it is a likely consequence. I would check your process demands borrowers email addresses at the outset as it is likely to become a mandatory requirement that someone emails the lender privacy policy early in the process. I expect this will apply to all products in due course – firsts, second charges, bridging etc. etc.

At Promise we are working on a solution to minimise the pain for you and your clients. However I thought you might want to know in advance what many lenders are proposing.

If you need help with the GDPR requirements, the online self assessment is really good.

If you have not already found it – take a look: https://ico.org.uk/for-organisations/resources-and-support/data-protection-self-assessment/

www.promisemoney.co.uk

01902 585052

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.