CCR Magazine

You are here  :Home arrow News arrow Fleet Mortgages announces further criteria changes
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Fleet Mortgages announces further criteria changes PDF Print E-mail
Wednesday, 23 November 2016
Fleet Mortgages, the buy-to-let and specialist lender, has today (22nd November 2016) announced a number of further criteria changes following the launch of its new product range with enhanced criteria earlier this month.

From today, there have been criteria changes made in the areas of minimum valuations, landlord experience and shared accommodation.

The main changes are:

· A reduction in the minimum valuation on converted freehold properties outside London and the South East down to £100k from £150k. This had been £150k for all regions and it remains at this figure for London and the South East.
· A reduction in the number of years experience required by landlords for HMO properties down to two years, if the primary applicant has owned a HMO property for that period. Three years’ standard buy-to-let experience is required otherwise.
· Shared accommodation will now be accepted on standard buy-to-let products and will be valued on a room-by-room basis. Fleet Mortgages will now allow locks on bedroom doors while downstairs rooms can be used as bedrooms as long as there is a communal room.

The new range, launched at the start of November, increased maximum LTVs up from 70% to 75% with new products including:
· Two new pay rate lifetime tracker products. For individuals the rate is 4% (LIBOR plus 3.6%) up to 75% LTV, with a rental calculation of 125% at 4%; for limited companies the rate is 4.20% (LIBOR plus 3.8%) up to 75% LTV with a rental calculation of 125% at 4.20%.
· All other limited company and individual products are now offered at a rental calculation of 125% at 5%.
· Rate cuts for limited company products – a two-year fix at 75% LTV of 3.6% (previously 4.19%) and five-year fix at 3.99% (from 4.69%).
· Rate cuts for HMO/multi-unit block products – two-year fix at 65% LTV down to 3.79% from 4.09%; two-year fix at 75% LTV at 3.99% from 4.29%; and a five-year fixed rate now at 4.29% (75% LTV), having previously been 4.99%.

The lifetime tracker products for both individual and limited companies are only available to strong credit-scoring customers.

Fleet Mortgages is an intermediary-only, buy-to-let lender and its products are available to individuals, limited companies and those looking to invest in Houses in Multiple Occupation (HMO)/Multi-units.

Bob Young, Chief Executive Officer of Fleet Mortgages, commented: “As promised we continue to review and change our criteria following conversations with our intermediary partners and our own experience and view of the needs of today’s landlord client. These three main criteria changes reflect the cases we are seeing, and the types of landlords and properties that are seeking mortgage finance from us.

“We are reflecting on the varied house price situation outside London and the South East by dropping our minimum valuation requirement there, whilst also opening up our HMO range to those with two years’ experience in this sector and acknowledging that shared accommodation, with the necessary caveats attached, is acceptable for our standard buy-to-let range.

“We’ve always wanted to reflect what is happening in the market and, where possible, to be flexible and responsive to the changing needs of advisers and their landlord clients. Our recent product launch has been well received and we will continue to review this, and our criteria, to ensure it is fit for purpose and accessible to quality landlord borrowers looking for a specialist, experienced lender to work with.”

 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


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

Registered in England No: 05483197