How we are now dealing with pre-offer pipeline cases.

For each of us things are changing at pace in our businesses on a daily basis and Fleet is no exception. To repeat my message from Monday, our funders remain intact albeit with a reduced appetite with restrictive criteria.

Upon consultation with our funders, we will now work through all pre-offer cases (whether a valuation has been done or not) and unfortunately, given the extraordinary circumstances we are all operating under, these cases will now be subject to a maximum 60% LTV and we will proceed to offer on a limited basis.

We are writing to each adviser where cases are impacted by the new maximum LTV tomorrow (2nd April). This will be followed up with an outbound phone call to the adviser. Where cases fit already, or the customer is able to proceed on a lower LTV, offers will be issued on a limited basis. For those cases which cannot proceed, advisers can request in writing a refund of fees paid and we will process this through as soon as possible. To be clear, we have limited capability to proceed to offer even where the 60% LTV hurdle can be met. This will be constantly reviewed with our funding partners.

Given the tumultuous market conditions, we can only apologise to brokers and customers alike. Preserving our funding lines is of tantamount importance for the survival of Fleet so as we will be able to help brokers and customers when some kind of BAU once more prevails. We remain open for business under current criteria and will process as many new cases through to offer as we can once physical valuations are once again possible.