Specialist buy-to-let lender, Fleet Mortgages, has announced a series of criteria enhancements designed to support a wider range of landlord borrowers and limited company structures.
The 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.
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, including Scotland and Northern Ireland, whereas previously companies were required to be registered in England and Wales. However, the security property must still be located in England or Wales and the lending remains subject to English law and legal protections.
These latest enhancements build on the package of criteria improvements Fleet introduced in March this year, which included removing its minimum income requirement, reducing the trading history needed for self-employed applicants and contractors from two years to one full tax year, extending the maximum mortgage term from 30 to 35 years, increasing the maximum LTV on new-build flats to 75%, removing height restrictions on blocks of flats, and broadening both its acceptable property types and construction criteria.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, commented: “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.
“Whether it is recognising the growing number of joint applications involving foreign nationals, or widening our appetite for UK-incorporated limited company structures, we believe these are sensible changes that reflect how landlords are choosing to own and manage their portfolios today. As always, our focus has been on removing unnecessary barriers while maintaining the robust underwriting standards that advisers and their clients rightly expect from Fleet.”
