Fleet Mortgages has increased its maximum aggregate loan exposure for new customers which was previously capped at £750k and increased over time. Now, the exposure has been boosted on a tiered structure; new customers are able to have £750k of exposure at 75% LTV; £1 million at 70% LTV; and £2 million at 65% LTV.
The maximum property value has been increased from £2 million to £5 million – with a loan exposure of £2 million as detailed above. Also the minimum external acceptable size of a property has been reduced to 40 square metres, from its previous level of above 45 square metres.
Fleet Mortgages will be announcing further changes to its criteria over the forthcoming weeks.
The criteria changes follow on from the product range revamp which took place last month. Highlights of the new product range include:
- Sub-3%, two-year 65% LTV fixed-rate option at 2.89% with a £500 completion fee.
- Sub-3%, two-year 75% LTV fixed rate option at 2.99% with a 1% completion fee.
- Lifetime tracker at 3.99% for standard buy-to-let at 65% LTV with the rental calculation based on pay rate, with a 1% completion fee.
- Five-year fixed rate at 4.09% standard buy-to-let 65% LTV with the rental calculation based on pay rate, with a 1% completion fee.
- Two-year fixed rate limited company product at 4.39% up to 75% LTV with £750 completion fee.
- Five-year fixed rate limited company product at 4.79% up to 75% LTV with the rental calculation based on pay rate, with a 1.5% completion fee.
Bob Young, Chief Executive Officer of Fleet Mortgages, commented:
“We continually look at our proposition, product range, criteria and service offering to see if we can continue to make those improvements that are requested and warranted. It’s from a process whereby we listen and learn from our partners and stakeholders that we can ensure regular fine-tuning takes place throughout the business.
“This is why we’ve made the criteria changes announced today based primarily on the back of the top-quality borrowers we’ve attracted since launch. Increasing our maximum aggregate exposure for new customers up to £2 million is a clear example of this, as is the increase in the maximum property value to £5 million. We will be instigating a variety of further changes in the weeks ahead as we seek to respond to current business activity and look to develop our criteria in order to satisfy both brokers and their client base. We have been incredibly encouraged by the reaction to our new product range however we know that standing still in this market is not an option.”
