Specialist buy-to-let lender Fleet Mortgages has extend its offer and valuation times for new-build purchases across both its standard and limited company range.
It will be making mortgage offers for new-build properties valid for six months, while its valuations will now be valid for seven months.
Steve Cox, distribution director of Fleet Mortgages, said: “We’re acutely aware that many buy-to-let landlords see the opportunity available when it comes to new-build properties, and with a growing number of new homes being built, we want to ensure they have the right products and criteria for any such purchases.
“It is the case however that new-build completions can take longer than anticipated which is why we’ve announced an extension of both our mortgage offer and valuation times, to help ensure these do not come to an end before the project is finished.
“Providing such flexibility should give adviser and client peace of mind that they have the mortgage funds in place, and we are able to utilise the valuation for a longer period of time.
“With new-build applicants having access to our entire standard and limited company product range, subject to maximum LTVs, and with our focus on ensuring the quickest and most efficient of services, we believe Fleet is offering the most comprehensive proposition for new-build buy-to-let applicants.
“We would urge advisers interested in this offering to contact their local BDM or Fleet head office, to see how we can support their business activities in this area.”
The lender’s full product range is available for buy-to-let landlord clients wishing to purchase new-build flats and homes, subject to a maximum LTV of 70% for flats and 75% for houses. There is also a final inspection fee of £150 for each new-build application.