Specialist lender Fleet Mortgages has dropped its floating charge on limited company BTL cases for both purchasing and remortgaging, and said the move will simplify cases when it comes to limited company lending where the client holds mortgaged properties with multiple lenders.
The announcement comes as the intermediary-only lender recently announced that one-third of its mortgage applications are now made via limited companies.
Bob Young (pictured), chief executive officer of Fleet Mortgages, commented: “We felt it was important to make the process as simple and transparent as possible for those purchasing or refinancing with us through a limited company structure.
“This is why we have made the announcement that we will be dropping the requirement to have a floating charge on such cases.
“As far as advisers are concerned this will make the whole process with limited company cases that much simpler.”
Masthaven Bank has joined up with distributor Intrinsic to offer its advisers access to Masthaven’s residential mortgage range, after launching as a retail bank in 2016 from its origins as a bridging lender.
Intrinsic has around 3,500 financial advisers in its network, with 1,500 focused solely on mortgages.
The move will support the lender’s growth, said Matt Andrews, managing director of mortgages at Masthaven.
Andrews commented: “Masthaven’s mission is to make the specialist market more accessible for brokers and customers alike, and expanding distribution is vital to that effort.
“Customers that don’t fit the high street cookie cutter approach to underwriting absolutely need support from the right adviser, and Intrinsic is perfectly placed to deliver on that demand.”
Simplybiz Mortgages has launched a portfolio insurance review service for its members in conjunction with Uinsure.
Once Simplybiz members send an email to a dedicated address containing their client’s BTL portfolio and current insurance renewal dates, one of Uinsure’s regional development managers will contact them to outline general insurance (GI) options available to them.
Uinsure will then provide individual quotes for its BTL policy, or send the enquiry through to the insurer’s specialist commercial referral team for portfolio insurance options.
Martin Reynolds, chief executive officer of Simplybiz Mortgages, commented: “Launching the portfolio review proposition will allow members to ensure that they are providing a full service, including landlords’ insurance.
“Even if GI is not at the core of a member’s business the referral option still provides a positive opportunity.”
Mark Hutchings, head of sales and distribution at Uinsure added: “Last year’s Prudential Regulation Authority changes to affordability checks, which affected portfolio landlords, may have increased the administration work required when arranging BTL mortgage.
“But requiring landlords to collate information about all properties in a portfolio provides an opportunity for brokers to review the insurance needs of landlords.”