Our Privacy Policy

This notice is being provided to you because we are just about to collect personal data from you. It is issued by New Mortgage Finance Limited, trading as NM Finance. It explains how we use your personal data.

Lawful conditions for processing personal data

We will only process your personal data when we meet one of the following lawful conditions:

When we have a lawful contract with you;
When it is our legal duty;
When we have a legitimate interest;
If we need to act in your vital interests; or
When you have provided us consent to process it.

If we process your personal data that has been obtained from someone other than you, we will let you know without undue delay.

Who is collecting your personal information

NM Finance, Portal House, 7b Alkmaar Way, Norwich International Business Park, Norwich, NR6 6BF. The point of contact for all personal data related queries is the Data Privacy Manager.

Why we collect your personal information

We collect personal information provided by you to enable us to create a contract with you which we then fulfil in accordance with the terms and conditions of the contract and our Data Protection Policy. We also need to collect your personal information to meet the legal & compliance obligations placed upon us.

Your information may also be used for other specific purposes but only after you have given your consent, for example, to receive newsletters.

Automated decision

When obtaining a Decision in Principle (DIP), also referred to as an Agreement in Principle (AIP), we submit your information via the Lender’s online automated decision-making process. We do not use any in-house automated processing mechanisms.

Who we may share your information with

We share your personal data with the appropriate:

Credit reference agencies;
- NM Finance conduct credit checks through TransUnion (formerly Callcredit), for further information about TransUnion and the information it holds click the link below:
  https://www.callcredit.co.uk/legal-information/bureau-privacy-notice
Fraud prevention agencies;
UK regulators and other legal authorities; and/or
Appointees who are instructed to act on your behalf, for example a solicitor.

We will never sell or share your information with marketing companies.

Security of your personal information

We take all reasonable technical and procedural precautions to prevent the loss, misuse or alteration of your personal information. All business data is stored off-site on a server at a secure location and managed by a trusted third-party contractor. NM Finance Ltd do not operate internationally; our business services are limited to the United Kingdom.

Retention of your personal information

We will retain your information for as long as it is needed to provide you with our services and manage our relationship and also to comply with our legal obligations, resolve disputes and enforce our agreements. In practice this could be throughout your lifetime, but this does not prejudice your right to request that your personal data is no longer processed by us (The Right to Object).

Your Rights

The GDPR extends your rights in respect of your personal data. It should be noted that these are qualified in so much that they do not necessarily apply in all situations. The ‘rights’ are listed below.

- Right to be informed;
- The right to access;
- Right to rectification;
- Right to erasure;
- Right to restrict processing;
- Right to data portability;
- Right to object; and
- Rights related to automated decision making.

https://ico.org.uk

Exercising your rights and access to your personal information

If you wish to exercise your right to access to your personal data, please contact the Data Privacy Manager. We will then contact you to check your identity and may request documents to prove it. For all other queries regarding our processing of your personal data and the exercising of all of your rights, please contact the Data Privacy Manager.

Your options if you have a complaint

If you do have cause for concern or a complaint regarding the way we are handling your personal data, we ask that you contact us in the first instance. This way we can resolve any issues at the earliest opportunity.

If you are still unhappy, or you do not wish to contact first you are, in any event, entitled to complain to the ICO. You may also seek judicial remedies against us or any of the third parties we interact with on your behalf, for damages (both material and non-material) arising from breaches of the GDPR. For more information please visit the ICO website using https://ico.org.uk.

Case Studies

£329K Bridging for Auction Purchase for Norfolk Holiday Let + Mortgage

Product Type: Bridging Finance
Location: Cromer
Loan amount: £329K
Term/LTGDV: 12 months and 45% LTGDV

The Scenario – Bridging for Auction Purchase with Holiday Let Plans

Our client successfully won a bid at auction for a property in Cromer that required refurbishment. To meet the auction’s tight completion deadlines, they needed a bridging loan. The client’s plan was to complete the necessary refurbishment and then retain the property as a holiday let.

The Challenge – Maximizing the Loan and Unusual Exit Strategy

The client faced two main challenges:

1. They required the maximum possible loan amount on day one, which we facilitated by having the client service the monthly interest on the loan.

2. Since the client planned to repay the loan by remortgaging onto a holiday let mortgage, we needed to demonstrate to the bridging finance underwriters that this exit strategy was viable. Convincing the underwriter proved difficult due to the different assessment criteria used by holiday let lenders compared to typical residential or buy-to-let products.

Our Solution – Demonstrating a Viable Exit through Market Research

We conducted thorough research into the holiday let market and worked closely with the client to obtain accurate rental projections for the property once refurbished. By presenting this data and explaining the favourable rental assessment criteria used by the holiday let lender, we were able to convince the underwriter of the viability of the exit strategy. The client successfully secured the bridging finance and proceeded with their plans to refurbish and retain the property as a holiday let.

Testimonial

Kelsea E

Service from Adam was 5*

I dealt with Adam for the mortgage of our property to get from a Bridging loan onto a holiday let mortgage and he was absolutely fantastic! Due to the pressure of the timescale we were working on with the Bridging loan, I was quite anxious to ensure that everything was progressing and Adam called me when he said he would, responded to queries quickly and was just all round really good!

Date of experience: 01 November 2024 – Trust Pilot Review