Fleet Mortgages makes swathe of criteria changes

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Fleet Mortgages has made changes to its criteria involving minimum valuations, landlord experience and shared accommodation.

 The lender has reduced its minimum valuation on converted freehold properties outside London and the South East down to £100,000 from £150,000.

The £150,000 figure still applies to London and the South East.

Fleet now asks for two two years of landlord experience for HMO properties if the primary applicant has owned a HMO property for that period.

Three years’ standard buy-to-let experience is required otherwise.

Shared accommodation will now be accepted on standard buy-to-let products and will be valued on a room-by-room basis.

 Fleet Mortgages chief executive Bob Young says: “As promised we continue to review and change our criteria following conversations with our intermediary partners and our own experience and view of the needs of today’s landlord client.

“These three main criteria changes reflect the cases we are seeing, and the types of landlords and properties that are seeking mortgage finance from us.”