You are here: Home - News -

Fleet pledges no criteria changes for portfolio landlords

by:
  • 23/08/2017
  • 0
Fleet pledges no criteria changes for portfolio landlords
Fleet Mortgages has announced it will not be making any changes to its lending criteria and affordability in light of the portfolio landlord changes.

The lender is not regulated by the Prudential Regulation Authority (PRA) and so has chosen not to make any changes to meet the new rules.

It said this commitment would mean no extra work would be required or extra information requested when conducting portfolio business.

This contrasts with other lenders, such as Vida Homeloans, which are also not covered by the PRA but have decided they will meet the regulatory changes.

Significant money to lend

Fleet will be maintaining its key criteria of an income coverage ratio of 125% at 5% stress test.

It added that it was intending to focus on its processing and that it had a “significant amount of money to lend”.

Fleet Mortgages chief executive officer Bob Young said the lender was launched with portfolio and professional landlords in mind.

“That undertaking, and our continued commitment to that client base and their advisers, means that 56% of our total business is now with portfolio landlords so we fully understand their needs and those of the intermediaries who work on their behalf,” he 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,” he added.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
headshot Jon Peart Capita
Tech Talks: Innovation is coming – part one

Welcome to our series of Tech Talks, sponsored by Capita Mortgage Software Solutions. In the first of a series of...

Close