MortgagesJan 12 2015

New specialist lender completes first deal

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New specialist lender completes first deal

New buy-to-let and specialist lender Fleet Mortgages has announced it has issued its first mortgage offer within 10 working days of receiving the full mortgage application, following its launch in November.

The first application was hand delivered to the lender’s sales director, Ross Turrell by Ying Tan, the managing director of one of its initial distributors Buy to Let Club, on 23 December.

Buy to Let Club is one of the distributors with access to Fleet Mortgages’ range of buy-to-let products.

The valuation on the property was carried out on 29 December, received by Fleet Mortgages on 31 December and ready for mortgage offer on 9 January.

The product applied for was an experienced landlord, buy-to-let remortgage at 75 per cent loan-to-value, offered at a fixed rate of 3.29 per cent for two years, for a four-bedroom house in the south east.

Fleet Mortgages detailed its initial range and launched its website in November, opening for business the following month.

It lends exclusively through the intermediary sector, offering buy-to-let mortgages for residential landlords as well as limited companies and those seeking finance for ‘houses in multiple occupation’.

Bob Young, chief executive of Fleet, stated that in initial conversations with distributors and advisers last year he was confident there would be demand for the product range.

“Since our launch we have also generated an avalanche of decisions-in-principles from our broker partners.

“The end of last year was a particularly hectic time as we brought all systems and processes online in order to come to market in record time.”

Mr Tan added: “The increased competition in this sector is great news; brokers should align themselves with the right clubs and packagers to ensure they can access new lenders looking to make traction in the market.”

peter.walker@ft.com