Buy-to-letNews

Fleet Mortgages update criteria

Fleet Mortgages has made changes to its lending and product criteria following feedback from its intermediary partners.

The changes are introduced with immediate effect and cover a range of criteria from loan sizes to valuations, transactions between connected parties to gifted deposits.

Key highlights include maximum loan sizes increasing to £2m for a single loan at 75% LTV and £1m for a single loan at 80% LTV.

Fleet will also now accept gifted deposits on connected party transactions for immediate family members which include a mother, father, grandparents or siblings.

Steve Cox (pictured), distribution director of Fleet Mortgages, said: “It’s vitally important that we listen to our adviser partners when it comes to our lending and product criteria, especially at a time when the nature of the buy-to-let market is shifting and we’re seeing far greater activity levels, particularly in the portfolio/professional landlord space.

“Today, we’ve introduced a number of criteria enhancements that reflect this, specifically upping our maximum loan sizes and the portfolio lending aggregate exposure for each obligor.

“At the same time, we also recognise that some landlords want to add lower-value properties to their portfolios and have therefore dropped our minimum property valuation.

“Overall, these enhancements should ensure advisers have a further layer of flexibility to offer their buy-to-let clients and send the message that Fleet Mortgages can accommodate many different types of property, situation, and landlord financial needs.”

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