These changes are the first of several criteria enhancements it will be making
Buy-to-let specialist lender, Fleet Mortgages, has announced that it is aiming to provide greater flexibility and responding to heightened demand amongst landlords with a number of new criteria changes.
According to the lender, the new criteria are effective immediately and include the re-introduction of a maximum loan size of £2m – up from £1.5m – at a maximum LTV of 65% on its standard and limited company buy-to-let product ranges. This is not applicable for properties which are above or adjacent to commercial premises, or HMOs or multi-unit blocks (MUBS).
For both HMO and MUB landlords, Fleet is also reducing the time the primary applicant for the mortgage must have owned a standard buy-to-let, HMO or MUB property down from two years to one.
Fleet said these changes are the first of several criteria enhancements it will be making and expects to announce more in the new year.
In the lead-up to Christmas, Fleet is providing advisers with daily hints and tips on its product range, criteria and service offering via its social media channels.
Steve Cox, Distribution Director of Fleet Mortgages, commented: It’s important for us as a lender to regularly review our criteria to ensure its fit for purpose and continues to work in an ever-changing lending environment.
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, Cox said.
He said that so, we’re very pleased to be increasing our maximum loan size and reducing the experience required by HMO/MUB applicants as we believe this gives advisers further options for those landlord clients who fit this particular bill.
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