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Fleet tweaks criteria to improve flexibility for landlords

Ryan Fowler

December 15, 2020

Fleet Mortgages has made a number of criteria changes designed to provide greater flexibility to landlords.

The changes include the re-introduction of a maximum loan size of £2m – up from £1.5m – at a maximum loan-to-vale (LTV) of 65% on its standard and limited company buy-to-let product ranges. This is not applicable for properties which are above or adjacent to commercial premises, or HMOs or multi-unit blocks (MUBS).

For both HMO and MUB landlords, Fleet is also reducing the time the primary applicant for the mortgage must have owned a standard buy-to-let, HMO or MUB property down from two years to one.

Fleet said these changes are the first of several criteria enhancements it will be making and expects to announce more in the new year.

Steve Cox, distribution director of Fleet Mortgages, said: “It’s important for us as a lender to regularly review our criteria to ensure its fit for purpose and continues to work in an ever-changing lending environment.

“The criteria changes we are announcing today, in our view, do not increase the risk to the business, will not impact on the quality of the applications we receive, but will allow us to reach out to more landlord customers at a time when demand is growing.

“So, we’re very pleased to be increasing our maximum loan size and reducing the experience required by HMO/MUB applicants as we believe this gives advisers further options for those landlord clients who fit this particular bill.

“Our aim as always is to listen to our intermediary partners and respond where we can, whilst ensuring our excellent service levels are maintained, and we continue to operate responsibly.

“We are currently have a number further criteria changes in the pipeline which will also allow us to broaden our lending reach and to ensure landlords can continue to secure the finance they need from a high-quality specialist player in the sector.”


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