Fleet Mortgages has announced several changes to its lending and product criteria, following feedback from its intermediary partners.
The BTL specialist lender said the changes have been introduced with immediate effect and cover a range of criteria, including loan sizes, with Fleet Mortgages increasing its maximum loan size to £2m for a single loan at 75% LTV, and £1m for a single loan at 80% LTV. This excludes HMO, MUB and flats above commercial properties.
Fleet Mortgages also revealed it has reduced its minimum property valuation to £50,000 – subject to a maximum 70% LTV, up to £74,999 – from a previous minimum of £75,000.
For transactions between connected parties, Fleet Mortgages has said it will now consider applications where there is a connection between the buyer and the seller, and the lender will also accept gifted deposits on connected party transactions for immediate family members.
Fleet Mortgages distribution director, Steve Cox, commented: “It’s vitally important that we listen to our adviser partners when it comes to our lending and product criteria, especially at a time when the nature of the BTL market is shifting and we’re seeing far greater activity levels, particularly in the portfolio and professional landlord space.
“Today, we’ve introduced a number of criteria enhancements that reflect this, specifically upping our maximum loan sizes and the portfolio lending aggregate exposure for each obligor.
“At the same time, we also recognise that some landlords want to add lower-value properties to their portfolios and have therefore dropped our minimum property valuation.
“Overall, these enhancements should ensure advisers have a further layer of flexibility to offer their BTL clients and send the message that Fleet Mortgages can accommodate many different types of property, situation, and landlord financial needs.”
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