Fleet reveals first of a series of criteria changes

Bob Young Fleet 2014

Fleet Mortgages has announced the first of a series of criteria changes that it will be rolling out of the coming months.

It has made tweaks to its new-build, recent conversions and houses of multiple occupation criteria.

Fleet now offers loans up to 70 per cent LTV – previously 60 per cent – and up to 60 per cent for converted properties.

For HMOs, the lender will now accept properties that have more than one kitchen, whereas previously this was not accepted.

Fleet chief executive Bob Young says: “We kicked off the new year with the introduction of a number of new products and now we begin a focus on amending and updating our criteria in order to react to the changing market and the needs of our intermediary partners and their 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.”