Legal ChargeFleet Mortgages will take an all monies 1st legal charge. Fleet Mortgages will also register a charge at Companies House where the customer is a corporate.
Loan PurposePurchase or Re-mortgage (except Paying Tax and Gambling Debts). Payment of Inheritance Tax or Capital Gains Tax may be considered where the proposal does not suggest a position of financial stress for the borrower
Repayment Methods

Capital & Interest Repayment.

Part Interest & Part Repayment.

Interest Only.

Mortgage TermMinimum 5 years, Maximum 30 years.
Loan SizeBetween £25,001 and £1,000,000 on a single property, subject to LTV restrictions.
Loan-to-Value

Maximum 80% for loans up to £750,000. (HMO 80% = £500,000 HMO 75% = £750,000)

Maximum 70% for loans up to £1,000,000 (including HMO).

Portfolio Aggregate Exposure

Maximum 80% LTV up to £1,000,000.

Maximum 75% LTV on loans between £1,000,001 and £2,000,000.

Maximum 70% LTV on loans between £2,000,001 and £4,000,000.

Maximum 65% LTV on loans between £4,000,001 and £5,000,000.

Monthly RepaymentOnly Direct Debit allowed.
DepositsDocumentary evidence of the source of deposit is required, for example, bank statements showing a build up of savings or completion statements showing sale of property. Gifts from immediate family members (spouse, mother, father, sibling, or grandparent) are allowed but deposits from overseas sources are not accepted.
Offer ValidityUp to 3 months.
Valuation ValidityValid for 6 months from the date of inspection. If a valuation expires, the case should be rekeyed so a new valuation can be instructed. The new case may require a new product and will be subject to underwriting and scoring.
RequirementsPrimary applicant must be a current property owner for at least 12 months.
First Time BuyersNo.
First Time LandlordsSubject to strict lending criteria, underwriting and no exceptions apply.
Identity Verification (AML)Impersonation checks will be carried out.
Limited Companies (SPV)Limited Companies must be Special Purpose Vehicles registered within England and Wales, with specific SIC codes. Max of 4 directors/shareholders. Full personal guarantees, on a joint and several basis, from all directors and shareholders required. All guarantors will require face-2-face independent legal advice. All Directors must be resident and have full credit history in the UK. Fleet Mortgages will consider applications where individuals are ‘transferring’ (selling) properties to an SPV limited company they own. We would class this as a purchase. Please call us for more information. SIC Codes: 68100 68209 68320 68201
Customer Age

Minimum 21 years. (First time landlords 25 years).

Maximum 95 years at the end of the mortgage term.

Personal Income

The Primary Applicant must be able to evidence income in excess of £15,000pa. (Except for first time landlords where minimum income is £25,000). Reducing future income unacceptable.

Fleet Mortgages will verify the income of the Primary applicant using one of the following:
- latest 3 months’ payslips
- latest SA302 (HMRC)
- latest Signed Accounts or latest Pension Statement
Bank StatementsUp to 3 months Personal Bank Statements may be required subject to Underwriter discretion.
Employment Status

The Primary applicant must be:

Employed: In continuous employment for at least 12 months and have passed their probation period.

Self-employed & Contractors: Trading for at least 2 years in their current business.

Retired: Receiving income in excess of £15,000.

Residential StatusAll applicants must be resident in the United Kingdom for at least three years, liable to UK tax and have permanent rights to reside. (Tier 1 and Tier 2 visas are unacceptable). All applicants must have a National Insurance number and a full credit history at their current, previous, or linked addresses for the last three years.
Adverse Credit

Fleet Mortgages do not generally consider adverse credit, although where it is less than £250 within the last 36 months, it will be accepted.

Fleet Mortgages will not consider any applicants who currently, or within the last 6 years, have had a petition or declaration of bankruptcy against them. Where Fleet Mortgages become aware that an applicant is a Director or Shareholder of a company that has gone into, or is due to go into, Creditors’ Voluntary Liquidation or Compulsory Liquidation, we will not lend.

Credit ReferencesA full consumer and limited company search (if applicable) will be completed on all applicants.
LocationEngland and Wales.
Valuation

A full valuation, instructed by Fleet Mortgages is required on all properties. The property value will be valued on a comparable evidence basis, not on a rental yield basis (rent multiplication).

Properties valued between £75,000 and £5,000,000.Valuations are valid for 6 months from the date of inspection.

In some exceptional instances we may require a second audit valuation (at no cost to the borrower).

Tenure

Freehold or Leasehold. (Freeholder/leaseholder connection not acceptable).

Commonhold is not accepted.

Leases must have at least 75 years unexpired term on completion.

Rental Income12 months sustainable rental income will be confirmed from valuation only.
Rent CoverPlease see product guide.
Acceptable TenanciesAssured Short-Hold tenancies (AST) up to 36 months. Student Lets. Corporate Lets (prior approval required). Local Authority & Housing Association Lets (prior approval required). Standard format of Private Sector Lease as per the UK Finance Mortgage Lenders’ Handbook.
Acceptable Security

Residential Property. Fleet Mortgages will consider a re-mortgage at market value within the first 6 months of ownership where it can be evidenced that significant improvements have been made to the property.

Shared Houses (maximum 4 sharing) are acceptable on a standard mortgage product providing: the property is not a HMO as per Fleet Mortgages definition: is of a standard layout that would sell as a family home without alteration; has at least one communal room that will be maintained and valued as such; can sell as a single residential unit; and let on a furnished basis. Properties with up to 6 bedrooms. Gross external floor area in excess of 35sqm.

Flats in blocks with up to 5 residential storeys (up to 10 residential storeys are acceptable within the M25).(Please refer to our list of unacceptable properties).

Acceptable Construction Types

Standard construction types are acceptable.

(Please refer to our unacceptable properties list for our definition of non standard construction types).

New Builds

New builds are defined as Properties constructed or converted within the last 12 months, or properties that have never been occupied.

Up to 70% LTV on new build flats.
Up to 75% on new build houses.

Converted Freehold Properties

Minimum Property Value of £100,000 outside London and South East regions, or £150,000 inside London and South East regions.

The entire property must form part of Fleet Mortgages security.

HMOs & MUBs

Standard letting criteria. Plus primary applicant must have at least 2 years experience as a landlord.

Up to 80% LTV. (Lending limits apply). Minimum valuation £100,000 outside London & South East regions, or £150,000 within London & South East regions.

HMOs must be licenced where required.

DevelopmentsUp to 20% exposure to a development.
Ex local AuthorityMaximum LTV 70%. Minimum valuation £75,000 outside London & South East regions, or £150,000 within London & South East regions.
Credit ScoringYes.
Decision to LendWe reserve the absolute discretion not to proceed with a mortgage application.
Features Excluded

Portability.

Flexible features.

Further advances.

Conveyancers PanelAll Conveyancers are to be registered on our panel, managed by Lender Exchange. Please refer to the Conveyancers Panel in the Literature section for more information.
Product Switch/TransferWe only allow switching to specific retention products, products which are only available with mortgages written on or after 09th April 2019 (after fixed rate period ends).
Excluded

Properties in Northern Ireland and Scotland.

Right to buy.

Self build.

Freehold flats.

Let to buy.

Sub-sales.

Back-to-back transactions.

Consumer Buy to Let

Conversions in commercial or non-residential locations.

Properties let or occupied by a family member of any related party to this mortgage.

Ex-Pats.

Unemployed.

Temporary employed.

Transactions between connected parties.

Please refer to Fleet Mortgages for full list of exclusions.

Primary Income

For the employed: Primary income is 100% of basic salary.

For the self-employed: Primary income is 100% of net profit.

For the contractor: Primary income is 100% of basic salary.

For the director of a Limited Company application: Primary income is 100% of basic salary.

For the retired applicant: Primary income is 100% of pension or other income.

Full Credit HistoryThree years payment profile history at current previous or linked addresses.
Adverse CreditNo CCJs or defaults (either satisfied or unsatisfied) greater than £250 within the last three years. No credit file to be, at any point within the last three years, more than two payment (>2months) in arrears.
HMO

Properties with a mandatory or discretionary HMO license as required by the local council or

A property that would not sell as a family home without alteration or

A property with a non-standard layout, e.g. sinks in bedrooms or

A property classified as a HMO by our Panel Valuer..

Multi-Unit Block (MUB)Freehold property split into 2 or more self-contained units.
First Time LandlordAn individual who does not currently own a Buy-to-Let property.
Consumer Buy to LetA mortgage regulated by the Mortgage Credit Directive Order 2015.
Shared AccommodationDwellings that have not been significantly altered, with at least one communal room that will be maintained and valued as such. The property must be saleable as a family home. See ’Acceptable Securities’ for further details. A maximum of 4 sharers are allowed.
Valuation up toBuy to LetFree & DiscountedHMO & MUB
Buy to Let
£100,000£325Free£500
£150,000£350Free£500
£200,000£395Free£585
£300,000£475Free£745
£400,000£525Free£895
£500,000£600Free£950
£600,000£695£95£1,100
£700,000£795£195£1,200
£800,000£845£245£1,300
£900,000£900£300£1,400
£1,000,000£1,000£400£1,500
£1,500,000£1,350£750£1,650
£2,000,000£1,695£1095£2,100
£2,000,000+Please call usPlease call usPlease call us
Application Fee
(Payable with valuation fee. A further fee may be charged if significant change to application.)
£150
Funds Transfer Fee£35
Completion FeePlease see individual product details.
Buy to Let
Re-Inspection Fee
£150
Shared House /
HMO Buy to Let
Re-Inspection Fee
£250
Retention Funds Transfer Fee£20
For further fees, please refer to our Tariff of Mortgage Charges.
*In each case it will be necessary for the borrower to remortgage to achieve any of these outcomes.
Consent to Second Charges.
Agreement to Deeds of Priority.
Further Advances.
Product Switches.
Transfer of Equity.