Fleet widens borrower and limited company criteria – Mortgage Strategy
Fleet Mortgages has made a series of criteria enhancements designed to support a wider range of landlord borrowers and limited company structures.
The buy-to-let specialist lender will now consider joint applications involving foreign nationals where at least one applicant is a British passport holder, has Indefinite Leave to Remain (ILR) or settled status.
It says that additional applicants may be accepted with eligible visas, provided they have lived in the UK for at least three years and have a minimum of 12 months remaining on their visa.
Accepted visa categories include skilled worker, family/spousal, UK ancestry, health and care worker, British national (Overseas), intra-company transfer and EU settlement scheme visas.
In addition, Fleet has expanded its limited company lending criteria and will now accept company group structures registered anywhere in the UK.
These include Scotland and Northern Ireland, whereas previously companies were required to be registered in England and Wales.
Fleet explains that the change reflected its willingness to lend to UK-incorporated special purpose vehicles (SPVs), however the security property must still be located in England or Wales and the lending remains subject to English law and legal protections.
Fleet Mortgages chief commercial officer Steve Cox says: “The buy-to-let market continues to evolve, and we are ensuring our criteria evolves with it.”
“While these latest enhancements are more targeted than the wider package of changes we introduced earlier this year, they address areas where advisers have told us greater flexibility will help them place more cases and support a broader range of landlord borrowers.”
