CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Fleet Mortgages' announce further criteria change regarding transfers to limited companies
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Fleet Mortgages' announce further criteria change regarding transfers to limited companies PDF Print E-mail
Tuesday, 24 May 2016
Fleet Mortgages, the buy-to-let and specialist lender, has today (24th May 2016) continued its ongoing series of criteria changes with a focus on the transfer of property to limited companies. 

From today, Fleet Mortgages will consider applications where individuals are transferring their properties to a Special Purpose Vehicle (SPV) limited company. This is treated as if the limited company is purchasing the property and the lender will consider this, subject to the following:

· It falls within its standard lending criteria.
· The existing owners of the property are directors and shareholders of the limited company.
· Solicitors will be obligated to ensure that the lender’s interests are protected appropriately in respect of, but not limited to, any insolvency provisions.
· Solicitors must ensure that stamp duty land tax is paid on the value of the property, as reported by the lender’s valuer.

This type of transfer/purchase typically includes:

· A property owned by a sole individual transferred to a SPV limited company where he/she is the sole director and shareholder.
· A property jointly owned transferred to a SPV limited company where both parties are directors and shareholders.
· A property jointly owned transferred to a SPV limited company where both and other parties are directors and shareholders.

Fleet Mortgages’ entire range of limited company products is available for this type of transfer/purchase including a:

· 75% LTV lifetime tracker at 4.19% with a 1.5% fee.
· Two-year fixed rate - 80% LTV – at 4.89% with a 1.5% fee.
· Two-year fixed rate – 65% LTV – at 4.09% with a £750 fee.

Bob Young, Chief Executive Officer of Fleet Mortgages, commented: “This move to accept applications from borrowers transferring their properties to limited companies is the latest in a series of criteria changes that we have been making during 2016 and there will be further amendments and updates announced in the coming weeks. The impending changes to tax relief on mortgage interest payments for individuals, due to be phased in from next year, mean that more and more landlords are looking at corporate vehicles such as limited companies to both house their existing portfolio and to purchase new properties within. Our move in this area will hopefully smooth the financing path for those seeking to transfer existing properties into a company structure. We believe that this combined with our highly competitive products, will prove to be a popular amendment to our criteria.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197