buy to let mortgages

Fleet Mortgages

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Fleet Buy to let criteria

Fleet Mortgages
2nd Floor Flagship House
Reading Road North Fleet
Hampshire GU51 4WP

Website www.fleetmortgages.co.uk

Advances
Up to £1,500,000 60% LTV (Remortgage 60%)

Notes
Illustration Type = KFI. Mortgage NOT portable
– Mortgage is NOT for First time buyers
Repayment, interest only and Part interest and part repayment Primary applicant cannot be a first time buyer

Not Available to Properties in: Northern Ireland and Scotland.
Not available for: Right to Buy.
Self Build. Freehold Flats. Let to Buy.
Let to Move
A transaction between two limited companies Conversions in commercial or non residential locations.
Properties let or occupied by a family member of any related party to this mortgage. Expatriates
Unemployed. Temporary employed.
You can make overpayments at any time but any overpayment(s) and/or lump sum early repayment(s) will be treated as an early repayment in relation to the advance. Please refer to Section 10 of this illustration for details of early repayment charges that will apply. After an overpayment or lump sum has been paid, interest will be recalculated from the 1st of the following month, with means, in such cases, that interest is charge on the full amount owing until then (except to the extent our mortgage conditions indicate otherwise).
Buy to Let : Accepted Capital Rest Period : Daily

Repayment Types

Repayment Yes
Endowment Yes
PEP Yes
Pension Yes
Interest only (no RV) Yes
With Profits Yes
Unit Linked Yes

ISA Yes
Split Repayment Yes

Fees
Arrangement : Varies, can be Added Booking : None

Early Repayment Charges
Varies

Higher Lending
None

Valuation
Basic:
up to £100,000 – £0
up to £150,000 – £0
up to £200,000 – £0
up to £300,000 – £0
up to £400,000 – £0
up to £500,000 – £0
up to £600,000 – £95
up to £700,000 – £195
up to £800,000 – £245
up to £900,000 – £300
up to £1,000,000 – £400
up to £1,500,000 – £750
up to £2,000,000 – £1095
up to £2,500,000 – £1995
up to £3,000,000 – £2295
up to £3,500,000 – £2795
up to £4,000,000 – £3195
up to £4,500,000 – £3495
up to £5,000,000 – £3725
Min Valuation £500001
Buy to Let Re-Inspection (following works) £150 Booking fee to be paid on application
Final inspection fee of £150 for each new-build application Valuation fees for properties over £5,000,000 in on a referral basis. Valuation retype fee £35

Mortgage exit fee – £150.00 Payable on redemption. Funds Transfer Fee – £35.00 Added to loan.
Booking Fee – £150.00 Payable upfront.

Acceptable Property Types

Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat Refer
Flying Freehold Refer
Thatched Yes
Timber Framed Refer
Concrete No
Agricultural Tie No
Flat Over 4 Storeys Refer
Listed Building Yes

Right to Buy
Not Accepted

New Build acceptable. Property valued between £50k – £75k – Max LTV 70%. Freehold or Leasehold.
Leases must have at least 75 years unexpired term on completion, with a minimum of 40 years remaining at the end of mortgage term.

Residential Property.

Flats are acceptable in blocks up to a maximum of 5 storeys, exceptions may apply.
Minimum valuation on converted freehold properties – minimum valuation of £100,000 outside London and South East Regions (or £150,000 within London and South East Regions).
The entire property must form part of Fleet Mortgages security.
Conversions where the Freeholder and Leaseholder are connected are not acceptable, unless Fleet Mortgages obtains a charge against the Freehold and Leasehold.

Up to 20% exposure to a development, exceptions may apply.
Ex Local Authority Maximum LTV 70%. Minimum valuation £75,000 outside London & South East regions, or £150,000 within London & South East regions.

Shared accommodation will be accepted on standard buy to let products and will be valued on a room by room basis. (Regardless of locks on doors. See new lending criteria for more information.)
Please refer to our list of unacceptable properties. Not available for Let to Buy.
Minimum Gross external floor area 35sqm.

Minimum valuation for Ex-local authority’:
-100,000 for properties outside London and South East Regions.
– £150,000 for properties inside London and South East Regions. Max LTV on new build houses is 75%
Max LTV on new build flats is 70%

Offers for new-build properties valid for six months, whilst their valuations will now be valid for seven months Max LTV on houses converted into flats within the last 12 months is 60%
Fleet will consider properties where there is a connection between the freeholder and the leaseholder. Fleet Mortgages will require a first legal charge on the Freehold of the property as well as the leasehold title.

Fleet will consider properties above or adjacent to commercial premises up to a LTV of 70%, providing its valuer confirms the property forms a suitable security and has a valuation between £100,000 and £1million.

Accepted Locations : England, Wales

Requirements

Bank Statements 3 months
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References No

Insurance
Buildings Conditional

Conditions On Loan
Min Loan £25,001/Rmg £25,001
Max Loan £1,500,000/Rmg £1,500,000
Max Portfolio of BTL Loans none
Min Age 21 years
Max Age 95 years
Min Term 5 years

Max Term 30 years
Portfolio Aggregate Exposure (excluding fees):

Fleet will lend up to a maximum of £5m per obligor-
£2m at 80% LTV
over £2m at 75% LTV

Foreign Citizens Accepted if they have right to remain.

In respect of Secondary Applicants, Underwriters can exercise discretion on a case by case basis, subject to a minimum age of 21 (at the start of the mortgage).

First Time Landlord minimum age of 25.

Studio Flats: Fleet Mortgages can lend on studio flats, but they must adhere to the minimum floor area requirements of 35 sq. meters, and be in a city centre location with a confirmed value in excess of £150,000

Fleet will now consider applications where there is a connection between the buyer and the seller – for example, a trading company selling to an SPV or a parent/grandparent selling to a child/grandchild

Fleet will now accept gifted deposits on connected party transactions where the property is being sold from one immediate family member (Mother, Father, Grandparents or Siblings) to another. For example , a mother selling the property to her son and gifting the deposit.

Foreign Citizens Accepted Ex-Patriates Not Accepted

Income Multipliers
Rental income must be 125% of the monthly mortgage payments when calculated using a rate of 5.50%. Min months in current position 12
Min months in continuous service none
Min no. of years accounts 1
Average years taken to calculate income none Will consider declining profit No

Outgoings
Rental Calculation is 125% @ 5.50%
Bank Statements only required subject to applicant credit score
Primary income must be at least £15,000 per annum and this can be from any source First Time Landlords minimum income £25,000
Latest SA302 accepted for Self Employed

Employed: Primary applicant must be in current employment for at least 12 months. Self Employed: Primary applicant must be trading for 2 years.
Contractor: Primary applicant must be a contractor for at least 2 years.
Retired: Primary applicant must have pension income in excess of minimum income.

Gifted deposits will be allowed if from immediate family member (Spouse/ mother / father / sibling / grandparent
– Bank statements will be needed to show source of funds.
– A solicitor must obtain ID from the giver and written confirmation that this is a non-refundable gift and the giver will have no interest in the property.

Rental income must be 125% of the monthly mortgage payments when calculated using a rate of 5.50%. Minimum Income – Single £15000
Hire Purchase NOT Taken into account
Personal Loans NOT Taken into account
Overdraft NOT Taken into account
Credit/Store Cards NOT Taken into account
Child Maintenance NOT Taken into account
Child Education NOT Taken into account Extra Income:-
Other Income – Guaranteed Add 100% to income before multiply
Other Income – Regular Add 100% to income before multiply

Other Income – Irregular No
Investment Income Refer to Lender
Mortgage Subsidy No
Large Town Allowance Add 100% to income before multiply
Maintenance Payments No
Non Contributory Pension No
Car Allowance No

Remortgage 

Capital Raising Acceptable
Home Improvements Acceptable
Debt Consolidation Acceptable
School Fees Acceptable
Holidays/Cars Acceptable
Buy Other Property Acceptable
Business Purposes Acceptable
Divorce Settlement Acceptable
Unencumbered Acceptable
Adverse Credit
CCJs/Defaults : Accept:
1) Max £100.00 in CCJs/Defaults unsatisfied. This condition does not incur any rate loading. Arrears : Accept:
1) Max 2 missed payments in the last 36 months. This condition does not incur any rate loading. Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.

CCJs/Defaults : Accept:
1) Max £100.00 in CCJs/Defaults in the last 3 years. This condition does not incur any rate
loading. Arrears : Accept:
1) Max 2 months in arrears in the last 36 months. This condition does not incur any rate loading. Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.
No Adverse credit is acceptable. Adverse credit is defined as:
No CCJs or defaults (either satisfied or unsatisfied) greater than £100 in the last three years.
Adverse Credit may be considered and is subject to underwriter discretion.