Fleet won’t change key portfolio lending criteria

Ryan Bembridge

August 23, 2017

Fleet Mortgages has pledged to leave its key criteria and underwriting requirements unchanged when the Prudential Regulation Authority changes hit the market at the end of September.

The lender, which isn’t bound by PRA regulation, won’t expect applicants to key in details of all the properties in their portfolio and said it will focus on quickening up processing times.

Fleet’s income coverage ratio will remain at 125% at 5%, applicants will still have access to portfolio landlord underwriters and it already has an online system to deal with portfolio landlord lending.

Bob Young (pictured), chief executive of Fleet Mortgages, said: “The PRA underwriting requirements will mean significant changes to many lenders’ systems and process, and an increase in complexity and workload for advisers.

“Our aim however is make sure the opposite is true when it comes to dealing with Fleet Mortgages – we have outlined our key commitments which mean no extra work required or extra information requested.

“Advisers who have conducted portfolio landlord business with us will see that our proposition is all about simplicity, flexibility, confidence and consistency.

“We have therefore worked on our processes to deliver on this and advisers should notice the difference between our requirements and those of our peer group.”

Of Fleet’s total business 56% is with portfolio landlords.

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