HMO products and loans to limited companies accounted for 40% of Fleet Mortgages’ total business with the rest covering individual landlord deals.
The average loan-to-value (LTV) of applications received was 69%.
Bob Young, chief executive of Fleet Mortgages, said Q1 results had exceeded his expectations.
“It is not just the level of business we have seen which is pleasing but the very high quality of the cases from our intermediary partners with larger average loan sizes than anticipated, coupled with lower average LTVs and some incredibly credit-worthy borrowers,” said Young.
The specialist lender said overall borrowers had achieved very good credit scores.
Since its launch on 5 Jaunary, 1,100 individual advisers from 660 advisory firms have registered to conduct business with the lender. Fleet said it intended to engage with more distribution partners as volumes continue to grow.
“Our approach in working with top-quality distributors who have vast experience of the buy-to-let sector has certainly paid off and we see no reason why we won’t continue to see this type of quality business through the Fleet Mortgages’ system.”
He added: “We have been very clear about the proposition and our focus on a number of underserved areas, especially limited companies and HMOs, and the fact these two sub-sectors have accounted for 40% of our volume is very promising.”
