Fleet Mortgages has made a number of criteria changes to offer “greater flexibility and help advisers place more landlord borrowers”.
As part of the criteria changes, Fleet Mortgages will accept TR1 forms, otherwise known as Transfer of Whole of Registered Title, to go to offer on loan. Land Registry will not need to be updated until completion.
The change is aimed at “streamlining and simplifying Day One remortgage applications”.
The firm will also consider satisfied and unsatisfied county court judgments (CCJs) that a borrower holds.
CCJs of up to £500 satisfied within the last three years will be considered and CCJs up to £250 unsatisfied within the same time period will also be considered.
Fleet Mortgages said the CCJ criteria change was “not to exclude credit-worthy borrowers who may, for instance, be in dispute over a parking ticket with a car park company”.
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The lender has also lowered the minimum floor requirement to 30 square metres following broker feedback. This is a decrease from 35 square metres.
Fleet Mortgages said there were further criteria changes in the pipeline.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “As always, we keep a close eye on our existing criteria, and take on board the range of feedback we always gratefully receive via advisers. In this regard, we’ve been able to announce a number of criteria changes, plus we also have others in the pipeline, which we’ll be able to reveal very soon.
“These latest changes provide a greater degree of flexibility, a common-sense approach to CCJs, plus we want to be able to support those clients who are looking to remortgage on Day One. If advisers are seeking clarification on these, or any other part of the Fleet proposition, they shouldn’t hesitate to contact their local BDM or any member of the telephone team.”
Earlier this month, the firm made cuts to five-year rates.
