Fleet Mortgages returns to mortgage market

The buy-to-let specialist lender has also introduced a limited-edition product offering and a number of criteria enhancements.

It has secured a new long-term funding deal, which will allow it to complete over £1bn in new lending.

Fleet is also in progressed discussions with additional funders to secure further funding lines that will run alongside this.

New products are being offered across its three core areas — standard, limited company and HMO/MUB — with rates starting from 2.69%.

The new range includes:

• free and discounted valuation products for standard and limited company borrowers
• free valuations are available for properties valued up to £500,000 on selected standard and limited company two- and five-year products
• a discounted valuation fee scale is available for properties valued at more than £500,000
• rates on two-year products start at 2.69%, while five-year products start from 3.39%
• stepped early repayment charges have been introduced across the entire range
  

It has also enhanced its offering:

• portfolio lending has been increased up to £4m
• 75% LTV is available on lending up to £2m
• minimum valuations for local authority properties outside London and the South East are now £75,000 (down from £100,000)
• ASTs now accepted up to 36 months
• capital-raising for inheritance and capital gains tax will now be considered
   

Bob Young, chief executive officer at Fleet Mortgages (pictured above), said: “While preparing for our return we took time to listen to a broad range of feedback from our intermediary partners which, coupled with this new funding arrangement, has allowed us to introduce options such as product transfers for new borrowers and a new free standard valuation option on certain products.

“Ideally, we would have returned to the market sooner, but what this process has shown is that there are a growing number of funders who value the quality of the Fleet Mortgages’ proposition and want to work with us over the long term.

“Exploring these potential options was a no-brainer for the business and we hope to announce further good news in this area very soon.

“We appreciate the patience of all our intermediary partners over the last few months while we have concluded these new funding arrangements, and believe this is a range of products, with enhanced criteria, that will work well for all those with buy-to-let clients.”