Fleet Mortgages, the buy-to-let specialist lender, has today announced that physical valuations in England have recommenced on its pipeline business, with new applications being processed as per its usual process.
The lender had postponed all valuations as a result of the Government lockdown – which began at the tail-end of March – but says inspection of properties within England will now begin allowing it to recommence the process of moving its applications through to offer.
At present, the lender has a current product range including two- and five-year fixed-rate options for individual landlords, limited companies and those financing HMOs and multi-unit blocks, available up to 60% LTV.
Fleet Mortgages said that, while it retained the full support of its funders, appetite for new business would be carefully monitored with its stakeholders as it reviews the market situation and the position of the capital markets.
New applications to Fleet will be processed strictly in the order received and where all relevant fees are paid, and the lender has committed to keeping all advisers notified of its lending appetite as this increases over time.
It has no plans to run a funds booking ‘tranche management’ system and will manage application volumes on a day-to-day basis.
Steve Cox, Distribution Director of Fleet Mortgages, commented: “Following confirmation from our valuation panel manager, we are very pleased to announce that physical valuations in England have recommenced on our pre-valuation pipeline of cases, while any new applications received will be processed in the normal manner, with valuations instructed where all appropriate fees have been paid.
“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 RMBS 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.
“Our focus will be on working with our distribution partners and advisers to communicate the path forward and how Fleet will work with them and their clients in this period and beyond. 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.”