Fleet Mortgages has announced the first in a series of criteria changes it will be rolling out over the next few months.
The buy-to-let and specialist lender has made modifications to its new build and recent conversions lending as well as for borrowers seeking finance on houses of multiple occupation (HMO).
Fleet will now offer loans up to 70% LTV for purpose built properties and up to 60% for converted properties.
In the HMO space, Fleet said loans will be available up to 75% LTV subject to a minimum valuation of £150,000.
It will also accept properties with more than one kitchen, where previously this had not been within its remit.
Bob Young, CEO, said the lender was reacting to the changing market and the needs of its intermediary partners and clients.
“Upping the LTV levels for new build and recent conversion properties, plus accepting more than one kitchen within a HMO property, are just the first in a series of criteria changes we will be making in the forthcoming weeks.
“The team at Fleet Mortgages wants to ensure that when it comes to the buy-to-let space we have pricing, products and criteria which meet the needs of our intermediary partners.”
Despite the impending tax relief and stamp duty changes, Bob believes that Fleet will continue to see strong levels of business across the buy-to-let market.
“While our overwhelming focus remains on buy-to-let, this adaptability means we see opportunities and potential in other mortgage sectors, where a vigorous approach to underwriting and our operational efficiencies would translate easily across,” added Bob.
“This is why we are looking at the commercial sector, which would be a natural move, but also perhaps the owner-occupier market.
“It will be an exciting year for Fleet Mortgages and we would urge all stakeholders to make sure they receive our regular updates on both product and criteria.”
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