Fleet Mortgages recommences physical valuations

Jessica Bird

May 14, 2020


Buy-to-let (BTL) specialist lender Fleet Mortgages has recommenced physical valuations for its pipeline business, following the easing of government restrictions

The business is also processing new applications as per its usual processes.

Fleet Mortgages had previously postponed all valuations as a result of the government lockdown, but will now restart inspections of properties within England.

The lender has a current product range that includes 2 and 5-year fixed-rate options for individual landlords, limited companies and those financing houses of multiple occupancy (HMOs) and multi-unit blocks, available up to 60% loan-to-value (LTV).

New applications will be processed strictly in the order received and where all relevant fees are paid.

The lender has committed to keeping all advisers notified of its lending appetite as this increases over time.

Steve Cox, distribution director at Fleet Mortgages, said: “Following confirmation from our valuation panel manager, we are very pleased to announce that physical valuations in England have recommenced on our pre-valuation pipeline of cases, while any new applications received will be processed in the normal manner, with valuations instructed where all appropriate fees have been paid.

“While we are open for new business and our process is ‘business as usual’, initially we are going to keep a tight rein on volume as we await to see how the capital markets react and how the situation plays out with the unlocking of the RMBS markets.

“Positively, our funders are very supportive of the buy-to-let sector in a post-COVID-19 environment, and that bodes well for us increasing our appetite as we move forward, however we want to stress to advisers that we will be adopting a cautious approach initially.

“Our focus will be on working with our distribution partners and advisers to communicate the path forward and how Fleet will work with them and their clients in this period and beyond.

“This is an important step for both Fleet, and the entire specialist lending market, and we are confident it is the beginning of a return to a new version of normality after what has been a very challenging few months.”

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