Fleet Mortgages to lend to limited liability partnerships

Fleet Mortgages has confirmed that it will now lend to limited liability partnerships (LLPs).

The buy-to-let (BTL) specialist lender is offering a specific product range to LLPs, in conjunction with its existing proposition for limited company borrowers.

Fleet’s range of products for LLPs will include two-year fixes at 65% LTV and 3.04%, 70% LTV and 3.24%, as well as 75% and 3.34%. All available with a rental calculation of 125% at 5.5% and a fee of 1.5%. The lender also has five-year fixes at 65% LTV and 3.44%, and at 75% LTV and 3.49%. All products come with either free or discounted valuations.

The lender also revealed it is introducing improved criteria for both LLP and limited company borrowers, including a personal guarantee requirement for each member of the LLP. It will however no longer require all limited company shareholders to be party to the application and provide personal guarantees.

Fleet Mortgages chief commercial officer, Steve Cox, said that the lender is trying to provide as many different avenues for borrowers utilising a variety of different corporate vehicles for their property ownership.

“That’s certainly been the case with our limited company range and we’re very pleased to be able to expand the reach of our lending with specific options for LLP borrowers including two-year fixes, five-year payrate options and lifetime trackers,” Cox stated.

“There is further good news for advisers and their landlord clients in terms of our current service levels, where we are able to assess documents within 24 hours, provide same-day DIP reviews and turn valuations around within a day.

“In an incredibly busy market to have this kind of certainty and speed is proving incredibly popular, and we would urge advisers who are active in the BTL sector to work with Fleet to see how we can help support your business growth.”

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