The Analysis News & Opinions
Opinion
Growth in portfolio landlords releasing equity
New research into landlord intentions has revealed a significant increase in the number who intend to release equity from their existing portfolios as the value of an average ‘portfolio landlord’s’ properties – those with more than four buy-to-let mortgages – exceeds £2m, with an average LTV of 56.2%. The landlord research, conducted by BVA
BDRC between 20 June and the 5 July and comprised of answers from 753 ‘consumer’ and ‘portfolio’ landlords – shows that, of the 30% who say they intend to remortgage in the next 12 months, a third of those are doing so in order to release equity from their portfolios, with the likelihood being that this released equity will be put towards further purchases. The research also shows portfolio buy-to-
let landlords are more likely to want to remortgage in the next 12 months – 43% – compared to their ‘consumer’ landlord counterparts – 20%. The potential to add to portfolios, and the
growing strength of the letting market, is shown in terms of larger landlords being typically more upbeat about the prospects for their own letting businesses. Portfolio landlords – those with four or
more buy-to-let mortgages – are significantly more upbeat (46% versus 35%) than consumer landlords – those with just one to three mortgaged properties, rising to 50% of landlords who own over 20 properties saying they felt either ‘good’ or ‘very good’ versus just 35% of single property landlords.
George Gee Commercial director, Foundation Home Loans
ICO consults on international data
The Information Commissioner’s Office (ICO) has launched a public consultation on its draft international data transfer agreement (IDTA) and guidance. When organisations
send personal
information to a country outside the UK, they must ensure people’s data protection rights continue to be protected. An IDTA is a contract that organisations can use when transferring data to countries not covered by adequacy decisions. The IDTA will replace the current
standard contractual clauses (SCCs) to take into account the binding judgment of the European Court of Justice in a case commonly known as ‘Schrems II’. The ruling required organisations to carry out further diligence when making a transfer of personal data outside of the UK to countries without an adequacy decision. The consultation is split into three sections,
offering a selection of proposals and options to consider. l Proposal and plans for updates to guidance on international transfers. l Transfer risk assessments. l The international data transfer agreement. The ICO is also asking for views on any
relevant privacy rights, legal, economic or policy considerations and implications. Responses will help the regulator understand the practical impact of proposed approaches on organisations. Steve Wood, ICO executive director of
regulatory strategy, said: “The modern world involves increasing flows of personal data about citizens to deliver goods and services. Ensuring data is well-protected when transferred outside of the UK will be vital in maintaining people’s trust in the system. Our new IDTA is developed to ensure such protections are in place.
Steve Wood “We understand that international trans-
fers can be complex, especially for smaller businesses. Our new guidance has been designed to be accessible and to ensure they support all organisations, from SMEs without the benefit of large legal budgets to multi-national companies. The agreements will help organisations to continue to trade freely while ensuring the correct protections are in place before transferring people’s data. “This consultation is important. We know
how important it is for transfer tools to work in practice, and the ICO wants to support businesses in this area. The responses we receive will inform our final work and I encourage all organisations that undertake international transfers to engage with the consultation and provide feedback”. The ICO’s work around IDTAs, and
its consultation, are a requirement under s119a of the Data Protection Act 2018. The consultation will inform the final documents the ICO will lay before Parliament. The consultation will remain open until 5pm on 7 October 2021.
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www.CCRMagazine.com August 2021
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