We are delighted to announce that we will be delivering a raft of positive changes to our lending and product criteria with effect from TOMORROW (Wednesday 13^th November 2019).

The changes cover a range of criteria including maximum loan sizes, minimum property value, transactions between connected parties and gifted deposits.

Specific highlights of Fleet’s enhanced criteria include:

• Loan sizes – Loan sizes – Fleet has increased its maximum loan size to £2m for a single loan at 75% LTV and £1m for a single loan at 80% LTV. This excludes HMO, MUB, Ex Local Authority/MOD and properties above or adjacent to commercial.
• Valuations – Fleet has reduced its minimum property valuation to £50k (subject to max 70% LTV up to £74,999), from a previous minimum of £75k.
• Portfolio lending aggregate exposure – Fleet will now lend up to a maximum of £5m per obligor. £2m @ 80% LTV over £2m 75% LTV.
• Freeholder/leaseholder being connected – Freeholder/leaseholder being connected – Fleet will now consider properties where there is a connection between the freeholder and the leaseholder – a situation which is common amongst landlords.  Fleet Mortgages will require a first legal charge on the Freehold of the property as well as the leasehold title.
• Transactions between connected parties – Fleet will now consider applications where there is a connection between the buyer and the seller – for example, a trading company selling to an SPV or a parent/grandparent selling to a child/grandchild.
• Gifted deposits – Fleet will now accept gifted deposits on connected party transactions where the property is being sold from one immediate family member (Mother, Father, Grandparents or Siblings) to another.  For example , a mother selling the property to her son and gifting the deposit.
• Properties impacted by commercial – Fleet will consider properties above or adjacent to commercial premises up to a LTV of 70%,  providing its valuer confirms the property forms a suitable security and has a valuation between £100,000 and £1million.

The introduction of the new criteria is part of our ongoing programme to continuously review and improve our proposition based on feedback and input from our intermediary partners in order to provide greater flexibility for your customers, particularly in the portfolio/professional landlord space.

Fleet Mortgages’ product guide and full list of lending criteria is available to view by visiting its new website at: www.fleetmortgages.co.uk