Fleet Mortgages has made changes to its lending criteria for limited company borrowers, with an overhaul of its policy on lending to special purpose vehicles (SPVs).

The criteria changes mean Fleet Mortgages can now support more layered ownership models and corporate configurations.

It has updated its criteria to accept more of the real-life company structures brokers and their clients present each day.

Fleet explains that the changes were designed to better reflect the growing sophistication of landlord borrowing models and were a direct response to adviser feedback in this area.

Fleet Mortgages chief commercial officer Steve Cox says: “We know that a growing number of landlords are using limited company structures both to hold and grow their portfolios.”

“These structures offer tax advantages, better succession planning, and greater control over portfolio management. But as these structures become more sophisticated, it’s vital lenders move with the market.”

“That’s exactly what we’re doing with these changes. By expanding our criteria to accommodate more complex group structures, we’re providing advisers with more lending options to serve their clients, making it easier for professional landlords to secure the finance they need.”

The changed policy follows yesterday’s series of 5 basis points and 10bps price cuts to a range of five-year fixed-rate limited company products across 55%, 65% and 75% loan-to-value (LTV) levels.

Fleet also announced the introduction of £1,000 cashback on its 55% LTV limited company products.