Submitting an Application

How do I submit an application to you?

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.

Do you accept uncertified copies of documentation?

No, all copies of original documentation needs to be certified stating the following information: Company name, FCA number, adviser signature, printed name and date.

How do you notify me of any supporting evidence you may require?

We will notify you either by telephone or email that we have added additional checklist items to the application within the Intermediary Portal.

Can I come to you directly?

Fleet Mortgages only liaise with Intermediaries. Contact your broker to enquire about our products or criteria.

Using the Intermediary Portal

How do I use 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.

How do I register?

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.

How do I logon?

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

Where can I find your full Criteria?

Please see our Criteria Page and refer to our in-house sales team or your BDM for full criteria details.

Where can I find your list of Acceptable and Unacceptable security?

A list of unacceptable properties can be found on our Literature Page.

About the Loan

Do you accept split interest & capital repayment?

Yes, Capital & Interest. Part Interest & Part Repayment & Interest Only are all accepted.

Is there a minimum or maximum mortgage term?

Minimum 5 years, Maximum 30 years (or up to age 85 at end of mortgage term).

What are your LTV and exposure limits?

Fleet Mortgages will lend up to 70% LTV for an aggregate exposure of £1,000,000; 60% LTV for aggregate exposure of £2,000,000; and will consider 55% LTV for aggregate exposure up to £5,000,000.

The maximum loan size for a single loan is £1,000,000 at 70% LTV.

The maximum LTV for HMOs, new builds and ex-local authority properties is 70%.

Do you accept gifted deposits?

Gifts from immediate family members (mother, father sibling, or grandparent) allowed.

How long are your Decision in Principles (DIPs), Credit Searches and Offers valid for?

DIP’s are valid for 30 days.

Credit Searches are valid for 90 days.

Offers are valid for 90 days.

Are overpayments allowed without incurring any early repayment charges?

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.

Do you allow capital raising?

Yes, except for gambling debt or tax payments.

Is there an application fee?

An application fee of £150 is payable in addition to the valuation fee.

A further fee may be charged if there is significant change to the application.

What options are available when the initial product comes to the end of its term?

Options are either the reversionary rate or a remortgage.

Can the arrangement fee be added to the loan?

Yes, the arrangement fee can take the loan above the LTV banding.

Would you accept a family member or connected party residing in the property?

No.

About the Applicant

What are your residential requirements?

All applicants must be resident in the United Kingdom for at least three years and have permanent rights to remain. All applicants must be registered on the Electoral Roll at their current address and have a National Insurance Number, as well as a full credit history at their current, previous or linked addresses for the last three years.

Do the applicants need to be owner-occupiers?

The Primary applicant must be a property owner. However, please be mindful that we do require evidence of good mortgage conduct (12 months for individual Buy to Let properties, or 3 years for HMOs) or a Land Registry search to confirm ownership if unencumbered.

Do you accept first time buyers or first time landlords?

First time landlords are acceptable but must be a UK property owner.

First time buyers are not acceptable.

What is your maximum number of applicants?

A maximum of 4 applicants.

What is your minimum and maximum age limit for applicants?

A minimum of 25 years at application and a maximum of 85 years at the end of the mortgage term.

Do you lend to Limited Companies?

Limited Companies must be Special Purpose Vehicles registered within England and Wales.

At least one of the following SIC codes must be applied: 68100, 68209, 68320, 68201.

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 to face independent legal advice.

All Directors and shareholders will be underwritten.

All directors must be resident in the UK.

Fleet Mortgages will consider applications where individuals are ’transferring’ (selling) properties to an SPV limited company they own. Please call us for more information.

What are your Income requirements?

The Primary applicant must have a minimum income in excess of £25,000 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.

How long does an applicant have to be employed/self-employed for?

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.

Do we lend to foreign nationals resident in the UK?

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.

Do we lend to Expats?

We do not lend to Expatriates or applicants with a BFPO (British Forces Post Office) address.

What adverse credit, if any, would you consider?

No CCJs or defaults (either satisfied or unsatisfied) greater than £100 in the last three years. No credit file to be, at any point in the last three years, more than two payments (≥3months) in arrears.

About the Property

Do you lend in Scotland or Northern Ireland?

No, Fleet Mortgages only lend in England & Wales.

Is there a minimum and maximum Valuation?

The valuation can be between £75,000 and £5,000,000. However, Ex-local Authority/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.

What is the minimum term of lease?

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

Do you value investment properties using a rental yield methodology?

No. All properties are valued on a residential ‘bricks & mortar’ (comparable evidence) basis.

Can rental be considered on a room-by-room 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.

What is your rental calculation?

Our standard rental calculation is at least 125% interest cover for the monthly mortgage payment on an interest only basis and at the initial rate, or nominal rate (currently 5%) or the product revert rate, whichever is the higher.

Do you accept Corporate Lets?

Yes, approval is required prior to submission of the application. If uncertain please send us the lease agreement in advance.

What is your definition of a new build property?

A property is defined as a New Build if it has been built or converted in the last 12 months, or properties that have never been occupied.

What is your definition of an HMO?

– 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.

Do you have any specific criteria requirements for an HMO/Multi-Unit Block?

Standard letting criteria applies. Plus;

The Primary applicant must have been a landlord for at least 3 years.

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.

Do you lend on Ex-Local Authority properties?

Yes up to 70% LTV.

Minimum Property Value is £100,000 outside the London and South East regions; or £150,000 within.

Do you allow lending on unencumbered properties?

Yes, proof of property ownership must be obtained.

Do we allow lending on properties recently purchased at Auction?

Yes, but against the price paid at auction or the value as per our valuation report, whichever is the lower.

Do you allow holiday lets?

Holiday lets are not accepted.

Do you accept Let to Buys?

Let to Buy applications are not accepted.

Do you lend above or adjacent to commercial properties?

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. Please refer prior to submission.

Properties will be considered if the minimum property valuation exceeds £150,000 and Valuer comments are positive.

Would you accept a property with an annex?

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.

Will you allow lending next door to the current residential or property already owned?

Yes.

What is your maximum number of bedrooms / tenancies?

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.

Do you accept freehold blocks (multi-unit blocks)?

Freehold blocks are accepted up to 10 units as long as there are no leases on the units.

Do you accept leasehold properties where the owner is connected to the freeholder?

No. However, we do accept share of freehold, providing not majority share.

What is your criteria on Flats – Purpose built & Conversions?

One leasehold flat is accepted as long as the applicant is not connected to the freeholder.

Freehold blocks are accepted up to 10 units as long as there are no leases on the units.

How many stories are accepted in a block of flats?

Up to 5 storeys (up to 10 storeys are acceptable within the M25).

What exposure do you accept in a development?

Up to 20% exposure to a development or 1 unit in a development of 5 units or less.

Do you accept any type of concrete construction?

Laing Easiform from 1945 onwards and No Fines construction are acceptable construction types. Please refer to our list of Construction types.

Are Timber framed properties acceptable?

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.