FAQs
Your questions answered.
Limited Company Conveyancers Panel
The panel went live on the 11th January 2018.
Many of our competitors do treat Limited Company cases differently from other cases and apply a range of differing restrictions upon who can carry out Limited Company conveyancing. We have done a lot of work in the market, talking to brokers about their experiences in this area and looking at a range of options. The reality is that Limited Company conveyancing is more complex and time consuming than standard transactions. As the number of Limited Company cases increases in response to a range of external pressures, including from the Government and the regulatory authorities, we felt that we had to respond to ensure that your clients and our borrowers have the experience which we would want them to have. We all want the road to completion to be as smooth as possible. We may be ahead of the competition but suspect that it will not be long before they follow our lead.
Any separate representation will only be approved on the basis that the applicant will bear not only the costs of their own representation but also those of the firm instructed to act for Fleet Mortgages.
Submitting an Application
Fleet Mortgages actively accepts business through approved advisers. To establish whether you can submit business to us please register via the Intermediary Portal. The Intermediary Portal is used to submit an application.
Fleet Mortgages will adhere to their anti-money laundering policy at all times.
We will notify you either by telephone or email that we have added additional checklist items to the application within the Intermediary Portal.
Fleet Mortgages only liaise with Intermediaries. Contact your broker to enquire about our products or criteria.
Using the Intermediary Portal
The Intermediary Portal Guide will show you how to utilise the Intermediary Portal to its full potential.
The Intermediary Portal guide contains information on changing your information; amending your submission routes and searching for an historic case. The Portal Guide also provides full details on how to request an illustration, decision in principle and submit an application.
The Intermediary Portal can be accessed via our website www.fleetmortgages.co.uk, the link to the portal is located to the top right of the page. Please select ‘Not registered’ and follow the on screen information. You will be sent an email confirming you have been registered or requesting information to enable us to complete your registration.
The Intermediary Portal can be accessed via our website www.fleetmortgages.co.uk, the link to the portal is located to the top right of the page.
Your Username will generally be your usual email address and your Password will be the password you set in the registration process. Select ‘Next’ to Logon.
About the Criteria
Please see our criteria guide, refer to our in-house sales team or your BDM for full criteria details.
A list of unacceptable properties can be found on our Literature Page.
About the Loan
Yes, Capital & Interest. Part Interest & Part Repayment & Interest Only are all accepted.
Minimum 5 years, Maximum 30 years (or up to age 95 at end of mortgage term).
65% for individual loans up to £2,000,000 for standard properties.
70% for individual loans up to £1,500,000 for standard properties.
75% for individual loans up to £1,000,000 for standard properties.
80% for individual loans up to £750,000 for standard properties, with a minimum valuation of £100,000.
70% for individual loans up to £1,500,000 for HMO & MUFB properties. (See HMO Definition).
75% for individual loans up to £1,000,000 for HMO & MUFB properties. (See HMO Definition).
70% on ex-local authority flats or properties converted to flats. (See ex local authority section).
75% on ex-local authority houses. (See ex local authority section).
70% on new build flats and new build MUFBs, and 75% new build Houses (purpose build).
70% for individual loans up to £1,500,000 on properties above or adjacent to commercial premises.
75% for individual loans up to £1,000,000 on properties above or adjacent to commercial premises.
70% on properties between £50,000 and £74,999.
75% on properties between £75,000 and £99,999.
Fleet Mortgages will lend up to £5,000,000 per obligor, 80% LTV up to £1,000,000 and thereafter at 75% LTV.
Gifts from immediate family members (spouse, mother, father sibling, or grandparent) allowed.
DIPs are valid for 30 days.
Credit Searches are valid for 90 days.
Offers are valid for 90 days (Up to 6 Months for New Build Properties). Fleet Mortgages reserves the right to ask the borrower to select a new rate if the case remains pre-offer after 3 months.
The applicant cannot make overpayments/lump sum repayments during the fixed rate, discount or tracker period set out in their mortgage offer without incurring early repayment charges. Overpayments/lump sum repayments during any such period, will be treated as an early repayment and will be subject to any early repayment charges that apply to the loan. After the period specified in the offer, the applicant can make overpayments in any amount free from early repayment charges.
Yes, except paying tax or 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.
There will be an application fee which is product-specific in addition to the valuation fee.
A further fee may be charged if there is significant change to the application.
We have discretion to offer retention products after the fixed rate period ends – to discover whether your loan may be eligible for a retention product, please contact us for more information.
Yes, the arrangement fee can take the loan above the LTV banding.
No.
About the Applicant
All applicants must be resident in the United Kingdom for at least three years, liable to UK tax and have permanent rights to reside, indefinite right to remain card or if from the EU (excluding Ireland) have been granted settlement status (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. Fleet Mortgages’ definition of a full credit history is: Three years payment profile history at current, previous or linked addresses. The majority of their active credit must show at their current residential address. This must include at least one active current account, credit card, loan, Hire purchase, or mortgage.
The Primary applicant must be a current property owner. However, please be mindful that we do require evidence of good mortgage conduct (12 months for individual Buy to Let properties, or 2 years for HMOs) or a Land Registry search to confirm ownership if unencumbered.
First time landlords are acceptable but must be a UK property owner.
First time buyers are not acceptable.
Fleet Mortgages has a different underwriting process for Portfolio Landlords where all applicants, individually or collectively, own more than 4 existing BTL properties or 3 properties where an application is being submitted to Fleet to purchase a fourth.
You will find all the details of how to submit your application as well as useful documents to help guide you through the process on our dedicated Portfolio Landlords page: Portfolio Landlords – Fleet Mortgages
A maximum of 4 applicants.
Minimum 21 years. (First time landlords 25 years).
Maximum 95 years at the end of the mortgage term
Limited Companies must be Special Purpose Vehicles registered within England and Wales, with specific SIC codes.
For a Limited company – All directors and any shareholders with a 25% or greater holding must be party to the mortgage, and where the cumulative total of these applicants’ shareholding is below 75%, further shareholders will need to be added until a 75% shareholding is reached.
All guarantors agree to take independent legal advice.
All Directors/Shareholders/Members party to the loan 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.
The Primary applicant must have a minimum income in excess of £15,000 per annum and reducing future income is unacceptable. Rental income is acceptable if evidenced on latest SA302 or signed accounts. Fleet Mortgages will verify the income of the Primary applicant in all cases by means of one of the following: latest 3 months’ payslips, latest SA302, latest P60, latest Signed Accounts or latest Pension Statement.
Employed – Must have be in continuous employment for at least 12 months and have passed their probation period.
Self-employed & Contractors – Must have a minimum trading history of 2 years in current business. Contract employees will be considered on a case-by-case basis and Fleet Mortgages reserves the right not to proceed with the application.
Retired – An applicant can be retired provided they fulfil the minimum income test.
Yes, we will ensure the applicant is entitled to live and work in the UK. We may request a Home Office letter of confirmation. The applicant must have a national Insurance Number. No Lending will be permitted where any applicant is eligible for Diplomatic Immunity.
We do not lend to Expatriates or applicants with a BFPO (British Forces Post Office) address.
Fleet Mortgages does not generally consider adverse credit, although where it is a CCJ or default of £250 or less within the last 36 months, or a credit file (mortgage, secured or unsecured loan, hire purchase or credit card), which has no more than two payments on arrears in the last 36 months, this can be considered. This applies whether the adverse is registered against the applicant(s) as individuals, or if it is registered against any limited company they are currently, or were at the time of the adverse, a director or shareholder of.
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 becomes 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.
For personal name cases, if there is a partnership or the beneficial interest in the property has already been transferred in the background, please speak to your BDM.
Find your BDM: Find My BDM – Fleet Mortgages
About the Property
No, Fleet Mortgages only lend in England & Wales.
The valuation can be between £50,000 and £5,000,000. However, MOD/Housing Association & Multi-Unit Block Properties must have a minimum valuation of £100,000 if outside London and South East Regions, or £150,000 within. For Ex-local Authority properties a minimum value of £75,000 is required outside London & South East Regions and a minimum of £150,000 within.
The lease must have at least 75 years unexpired term on completion with a minimum of 50 years at expiry of the mortgage.
No. All properties are valued on a residential ‘bricks & mortar’ (comparable evidence) basis.
Yes. For HMOs and Multi-Unit Properties please instruct an HMO/Multi Unit Block product type so the Valuer can consider rents on a room-by-room basis.
Our standard rental calculation for basic rate tax payers and Limited Companies is at least 125% and for higher rate tax payers is at least 145% cover for the monthly mortgage payment on an interest only basis and at the initial rate, or nominal rate (currently 6.5%) or the product revert rate, whichever is the higher.
Yes, approval is required prior to submission of the application. If uncertain please send us the lease agreement in advance.
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 and up to 75% LTV on new build houses.
– Properties with a mandatory or discretionary HMO licence 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. Locks on bedroom doors or sinks in bedrooms or
– A property classified as a HMO by our Panel Valuer.
Standard letting criteria applies. Plus;
- The Primary applicant must have been a landlord for at least 1 year.
- Minimum Property Value is £100,000 outside the London and South East regions; or £150,000 within.
- No more than 6 bedrooms/tenancies (10 self-contained units if Multi-Unit Block).
- The property must be licensed as an HMO if required by the local council.
- Each unit must be a minimum gross internal floor area of 30sqm, and the surveyor must be able to value it on a comparable basis. All units must have their own utilities, we cannot lend on properties where facilities are shared.
Yes up to 70% LTV for Ex Local Authority/MOD flats.
And up to 75% for Ex Local Authority/MOD houses.
Minimum Property Value is £75,000 outside the London and South East Regions; or £150,000 within.
Yes, proof of property ownership must be obtained.
Yes, but against the price paid at auction or the value as per our valuation report, whichever is the lower.
Holiday lets are not accepted.
Let to Buy applications are not accepted.
Fleet Mortgages can lend on studio flats, but they must adhere to the minimum floor area requirements of 30 sq meters provided they are located in an urban area with a confirmed value in excess of £150,000.
Properties above or adjacent to commercial are considered on a case-by-case basis and Fleet Mortgages reserves the right not to proceed with the application.
Properties will be considered if the minimum property valuation exceeds £100,000 and Valuer comments are positive.
We require all properties to have a valid EPC rating of A-E to be acceptable to Fleet Mortgages. You can check a property’s EPC rating by visiting the government’s online register: https://www.gov.uk/find-energy-certificate
Please note that properties with an EPC rating of A-C will be eligible for one of our Green Products. Please speak to our Sales team for details.
Properties with Annexes are not permitted on our standard range. However, these can be considered on our HMO / Multi-Unit Block range. Please contact us if uncertain.
Six is the maximum number of bedrooms and tenancies we accept. However, we do consider up to 10 self-contained units in a Multi-Unit Block.
Freehold blocks are accepted up to 10 units as long as there are no leases on the units.
Each unit must be a minimum gross internal floor area of 30sqm, and the surveyor must be able to value it on a comparable basis. All units must have their own utilities, we cannot lend on properties where facilities are shared.
In all cases Fleet will insist on a legal charge on the freehold for the individual flat as well as the leasehold title over the individual flat. Fleet will only consider Lending within agreed concentrations limits.
Fleet Mortgages will lend on individual leasehold flats and will consider properties where there is a connection between freeholder and leaseholder; see criteria for full details.
Freehold blocks are accepted up to 10 units as long as there are no leases on the units.
We accept:
- 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.
- Blocks of flats with 4 or more storeys with lift access to all floors.
We do not accept:
- Blocks of flats of 4 storeys or more in height without lift access. The underwriter can use discretion if the security flat is on levels 1-3 and we have received a positive valuation report.
Fleet Mortgages will consider lending “In a block of four or less flats Fleet Mortgages will
consider lending up to 100% in that development. If the block has 5 or more flats we will lend
against 2 or 20%
Laing Easiform from 1945 onwards and No Fines construction are acceptable construction types. Please refer to our list of Construction types.
Pre 1965 softwood timber framed constructions lacking special merit on salability are unacceptable. 100% timber construction are also unacceptable unless of high standard and in a location where there is proven, sustainable demand. Please refer to our list of Construction types.
