BTL specialist lends £145m in Q1 2015

BTL specialist lends £145m in Q1 2015

Specialist lender Fleet Mortgages had £145m of buy-to-let business put through its system by intermediaries during the first quarter of this year, with an average loan size across all types of products of £245,000.

During the first three months of the year limited company and ‘houses in multiple occupation’ products accounted for 40 per cent of the firm’s total business, with the rest covering individual landlord deals.

The quality of the business received from intermediary partners was very high, according to Fleet, with an average loan-to-value of 69 per cent and very good overall credit scores achieved for borrower applicants.

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The lender’s products are tailored towards experienced landlords and property investors, covering mainstream buy-to-let residential mortgages as well as finance for those investing through limited company vehicles and HMOs.

It detailed an initial range and launched a website in November, opening for business the following month and completing a maiden deal in January. Since then Fleet has signed some of the largest distributors on its panel and during Q1 it had 1,100 individual advisers registered to conduct business from 660 advisory firms.

The firm said that as volume levels grow, it will continue to engage with new distributors and increase activity in the marketplace.

Bob Young, chief executive of Fleet Mortgages, commented that they have been clear about the proposition and focus on a number of underserved areas, especially limited companies and HMOs.

“It’s our intention to be the go-to lender in these areas and it appears this message is already hitting home.

“It has been a very promising start to the year and as we broaden our intermediary reach we will also be ramping up our lending activity in the months to come.”