Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Fleet Mortgages Expands Criteria for Landlord Borrowers and Limited Companies
Fleet Mortgages has announced a series of enhancements to its lending criteria, aiming 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, provided at least one applicant is a British passport holder, has Indefinite Leave to Remain (ILR), or settled status.
Additional applicants may be accepted if they hold eligible visas, have lived in the UK for at least three years, and have a minimum of 12 months remaining on their visa. The 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.
Fleet Mortgages has also expanded its limited company lending criteria. The lender will now accept company group structures registered anywhere in the UK, including Scotland and Northern Ireland. Previously, companies were required to be registered in England and Wales. However, the security property must still be located in England or Wales, and lending remains subject to English law and legal protections.
These changes are designed to offer greater flexibility for advisers and to support a broader range of landlord borrowers. The enhancements may be of particular interest to letting agents and inventory clerks working with landlords who have more complex ownership structures or international backgrounds.
Source: Mortgage Strategy