Fleet lengthens offer and valuation times on new build BTL

Mortgage offers have lengthened to six months and valuations to seven for new build flats and houses.

The product range covers loan to values (LTVs) up to 70 per cent for flats and for houses the maximum is 75 per cent.

The lender applies a final inspection fee of £150 per application.

“We’re acutely aware that BTL landlords see opportunities in new builds and, with more new homes in construction, we want to ensure the right products and criteria for such purchases,” said Steve Cox, distribution director of Fleet Mortgages (pictured).

Fleet previously established a priority processing service for new build applications and has designed products specifically to support purchasing.

“New build completions can take longer than anticipated, which is why we extended the offer and valuation times,” Cox added.

“Such flexibility should give peace of mind to advisers and clients. New build applicants can access our full standard and limited company product range and, with our focus on efficient service, we believe that Fleet offers the most comprehensive proposition for new build BTL purchasers,” he said.