Fleet Mortgages changes buy-to-let criteria

Fleet Mortgages has announced a series of criteria changes offering increased flexibility for brokers and their clients.

The buy-to-let and specialist lender has revised upwards its maximum LTV and lending exposure based on the quality of the borrowers it is attracting.

It has increased its maximum aggregate loan exposure for new customers which was previously capped at £750,000.

The exposure has now been boosted on a tiered structure.

New customers are able to have £750,000 of exposure at 75% LTV, £1 million at 70% LTV, and £2 million at 65% LTV. 

The maximum property value has 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 45 square metres.

Bob Young, chief executive officer of Fleet Mortgages, said: “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.

“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.”