Fleet Mortgages resumes physical valuations on pipeline and new business

The lender had postponed all valuations as a result of the government lockdown but the recent allowance of physical inspections has meant applications can now be moved through to offer. 

The lender is lending up to 60 per cent loan to value (LTV) with two- and five-year fixed options for individual landlords, limited companies and those financing homes in multiple occupancy and multi-unit blocks. 

Fleet Mortgages said while it retained the support of its funders, its appetite for new business would be monitored with stakeholders as it reviewed the market and the position of the capital markets. 

New applications to Fleet will be processed in the order they were received and where all fees are paid. The lender has also said it would update advisers of its lending appetite as this is expected to increase over time.   

It will also manage application volumes on a day-to-day basis.  

Steve Cox (pictured), distribution director of Fleet Mortgages, said: “While we are open for new business and our process is ‘business as usual’, initially we are going to keep a tight rein on volume as we await to see how the capital markets react and how the situation plays out with the unlocking of the residential mortgage-backed securities markets. 

“Positively, our funders are very supportive of the buy-to-let sector in a post-Covid-19 environment, and that bodes well for us increasing our appetite as we move forward, however we want to stress to advisers that we will be adopting a cautious approach initially.” 

“This is an important step for both Fleet, and the entire specialist lending market, and we are confident it is the beginning of a return to a new version of normality after what has been a very challenging few months,” he added.