Fleet ups maximum loan and cuts required landlord experience

The lender said it did not believe the changes would increase its risk but would allow it to service more customers.

It is re-introducing a maximum loan size of £2m – up from £1.5m – at a maximum loan to value (LTV) of 65 per cent on standard and limited company buy-to-let product ranges.

This is not applicable for properties which are above or adjacent to commercial premises, or houses in multiple occupation (HMOs) and multi-unit blocks (MUBS).

And for HMO and MUB landlords, Fleet is reducing the time the primary applicant must have owned a standard buy-to-let, HMO or MUB property down from two years to one.

The new criteria are effective immediately and Fleet said these changes would be the first of several it will be making more to be announced in the new year.

Steve Cox, distribution director of Fleet Mortgages, said: “The criteria changes we are announcing today, in our view, do not increase the risk to the business, will not impact on the quality of the applications we receive, but will allow us to reach out to more landlord customers at a time when demand is growing.

“So, we’re very pleased to be increasing our maximum loan size and reducing the experience required by HMO or MUB applicants as we believe this gives advisers further options for those landlord clients who fit this particular bill.

“Our aim as always is to listen to our intermediary partners and respond where we can, while ensuring our excellent service levels are maintained, and we continue to operate responsibly.”

Cox added that the changes in the pipeline would also Fleet to broaden its lending reach.