1. Using your personal information in connection with our loans
Why does Help to Buy (Wales) Limited need to use my personal information?
If you apply to us for a loan, you will need to provide us with information about you. This is so that we can decide whether you are eligible for a loan. If your application is successful, we will continue to use your information as part of our ongoing management of funding to you.
We might also use personal information about you which is provided by others to inform our loan decisions. For instance, if you are financially associated with an applicant, then we will need to collect personal information about you both.
We may also share personal information about you with government departments such as HM Land Registry, in order to check and validate the data we hold with data held centrally by HM Land Registry.
We may also share personal information about you with third-parties, including Welsh Government and UK Government departments and agencies working on their behalf such as Rent Smart Wales, and HM Land Registry in order to comply with our legal and contractual obligations, and where it is in our legitimate interests to do so (for example, for prevention of fraud or financial misconduct, or to monitor compliance with the terms and conditions of the scheme).
What information do I need to provide to Help to Buy (Wales) Limited?
The exact information that we require will be set out on the application form itself. It will include basic information about you, such as your name, address, previous addresses and date of birth. We will also ask you to provide information about your financial standing.
If we decide to make an offer of a loan, we will ask you to complete a diversity monitoring form. Any information you provide to us on this form will only be used to help us monitor if we are achieving real equality of opportunity in delivering our services. It will not be used to make decisions affecting you.
What does Help to Buy (Wales) Limited do with my information?
When you provide your information to us, or if it is provided by others as part of an application, we will use it in order to assess the application and to make a decision on whether or not to provide the loan. We will then use your information as part of our ongoing management of the loan and to facilitate your property transaction. Our uses of your information may include:
- Making searches about you at credit reference agencies. These agencies will provide us with credit information as well as information from the electoral register and will record details of any searches whether or not your application proceeds. You can find out more information about how your information is used by credit reference agencies and fraud prevention agencies by reading the Credit Reference Agency Information Notice (“CRAIN”). This document describes how the three main credit reference agencies each use and share personal data. Access the CRAIN.
- Sharing your information with developers and private landlords in order to assign a plot of land used for the development of your property.
- Sharing your information with solicitors in order to carry out legal formalities in association with your property transaction.
- Sharing your data with HM Land Registry in order to validate property data held by us with property data maintained by HM Land Registry.
- Sharing your data with Rent Smart Wales in order to assess compliance with the HtBW scheme policy on subletting property.
- Sharing your data with Welsh Government and agencies employed on their behalf, who may contact you for research purposes. These purposes include conducting scheme reviews, obtaining feedback from customers and applicants, analysing areas of improvement, and to conduct research and statistical surveys relating to the scheme. You will be given the opportunity to opt-out of these. HtBW may share this data in confidence to other government departments, local authorities, and agencies working on HtBW and the Welsh Government’s behalf.
- Sharing your information with independent financial advisers and mortgage brokers to assess the financial implications associated with the purchase of your property, taking into account your ability to afford the property.
- Sharing your information with tracing agents in order to collect arrears, should you fall into arrears with your repayments of your loan to us.
- Using your information in order to handle and resolve a complaint you may have, should you wish to raise one, including sharing that information with an Ombudsman, Dispute Resolution Service, or Regulatory Authority.
- Using your information in accordance with the Terms and Conditions of the fund.
As part of the activities listed above, we may share your information with your accountants, employers and the Welsh Government.
You acknowledge and agree that your personal data may be processed outside the European Economic Area (“EEA“). We will take precautions (in accordance with relevant guidance by regulatory bodies) to ensure that any transfer of your data outside the EEA will be subject to safeguards that protect your privacy rights and your data will be kept secure at all times.
What is the legal basis for using my information?
Under data protection law, we must have a valid legal basis for collecting and using your personal information. When you apply for a loan with us, the following legal bases may apply:
Performance of a Contract
Your application is a request for us to enter a contract with you. We are permitted to use your personal information where it is necessary for us to do so in order to perform pre-contractual steps, to enter into a contract with you, and for the performance of a contract we have in place.
Legal Obligation
We are permitted to use your personal information where it is necessary in order for us to comply with our legal obligations.
We are subject to various legal obligations whenever we consider applications for a loan, including anti-money laundering legislation and the requirements of the Financial Conduct Authority.
Legitimate Interests
We are permitted to use your personal information where it is necessary for our legitimate interests, provided that our interests are not overridden by your own interests.
Where you have applied for a loan with us, or are an existing customer, we process your personal information for the following reasons under our legitimate interests:
- Conducting appropriate checks on potential customers
- Ensuring the repayment of loans to us
- Assessing compliance with the scheme policies and terms and conditions
- Managing the development of your property and your property transaction
- Conducting appropriate validation of property data held by us (that has been provided by you) with property data held by HM Land Registry
- Investigating and managing enquiries and complaints, including analysing enquiries and complaints for the purposes of preventing failures and rectifying negative impacts on customers
- To consider customers’ welfare needs, including provision of any adjustments, support or protection they need to be put in place
- Preventing and investigating fraud, money-laundering and other financial misconduct
- To develop and improve our products and services, including conducting customer surveys and research.
- Obtaining feedback from customers about our products and services
- Ensuring business continuity, disaster recovery and network and information security.
Legal Basis for Processing Special Category Data
Data Protection laws treat some types of personal information as being particularly sensitive. This information is called ‘Special Category Data’. We will not collect or use these types of data without your consent unless the law allows us to do so. If we do, it will only be under one of the following legal bases:
o For reasons of substantial public interest; or
o We have your explicit consent to do so; or
o To establish, exercise or defend legal claims.
How long does Help to Buy (Wales) Limited keep my information?
If your application is successful, we will keep your personal information for at least the duration of your contract with us, and after that for a period of twelve years. This is to ensure that we have a full record of the contract between us, if there should be any dispute about the contract.
If your application is unsuccessful or withdrawn, we will retain and destroy your personal data in accordance with our data retention schedule.
We may hold your information for longer where it is necessary to comply with our legal obligations, to exercise legal rights, comply with the Terms and Conditions of the fund or to defend legal claims.
What happens if I do not provide my information to Help to Buy (Wales) Limited?
In order for us to consider your application, you must provide information about you to us. If you do not provide all of the details we request in the application form, we will be unable to assess your application and it may result in you not being able to access our loan.
