Fleet shifts on a number of BTL criteria in bid to match changing market needs

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  • 14/11/2019
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Fleet shifts on a number of BTL criteria in bid to match changing market needs
Fleet Mortgages has shifted on a number of buy-to-let (BTL) criteria including maximum loan sizes in response to a changing sector and “greater activity levels,” it has said.

 

The lender increased its maximum loan size to £2m at 75 per cent loan to value (LTV) and £1m at 80 per cent LTV — excluding homes in multiple occupancy, multi-unit blocks and flats over commercial premises.

The minimum property value has been reduced from £75,000 to £50,000, subject to a maximum 70 per cent LTV up to £74,999.

Fleet will lend up to £5m to each borrower, comprising £2m at 80 per cent LTV and £2m to £3m at 75 per cent LTV.

The lender will consider properties above or adjacent to commercial premises, subject to the valuer’s assessment of the security.

It will consider cases where there’s a connection between freeholder and leaseholder, as well as applications where a connection exists between buyer and seller.

Finally, Fleet will now accept gifted deposits from direct family members, whether mother, father, grandparents or siblings.

“It’s vitally important to listen to adviser partners when it comes to lending and product criteria, especially when the buy-to-let market is shifting and we’re seeing far creating activity levels particularly from portfolio and professional landlords,” said Steve Cox, distribution director at Fleet Mortgages (pictured).

“These enhancements will ensure advisers have an added layer of flexibility to offer clients and send the message that we can accommodate many different types of property, situation and landlord financial needs,” he added.

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