Fleet Mortgages makes £2m profit in 2016

Bob Young Fleet 2014

Fleet Mortgages made a £2m profit in 2016, its second full year of lending.

The buy-to-let specialist said the fallout from the Brexit referendum last year slightly affected its lending, leading to it temporarily restricting lending on some lines.

Fleet has ambitions to lend £1bn in 2017 and recently launched products including a return to the 80 per cent LTV market.

Fleet’s average LTV is 67 per cent and its average weighted interest coverage ratio is 153 per cent.

The lender says its mortgage book now has more than 3,000 accounts since its first completion.

Fleet Mortgages chief executive Bob Young says: “I’ve always said that anyone can lend money badly (and many do) but that we at Fleet Mortgages would always ensure that quality comes first.

“Our average LTV, ICR, Credit Bureau Scores show how tight our screening processes are, ensuring we’re able to model potential borrower’s propensity to pay and whether, based on an extensive analysis of their position, they can withstand financial shocks.

“This, in our view, is what responsible lending is all about and we’re pleased that other lenders within the sector are now coming to the place where we started from.”