Fleet Mortgages has announced changes to its criteria relating to minimum valuations, landlord experience and shared accommodation.
The lender has reduced its minimum valuation on converted freehold properties outside London and the South East down to £100,000 from £150,000.
The £150,000 figure remains the same in London and the South East.
Fleet has also reduced the number of years experience required by landlords for HMO properties down to two years, if the primary applicant has owned a HMO property for that period. Three years’ standard buy-to-let experience is required otherwise.
In addition, shared accommodation will now be accepted on standard buy-to-let products and will be valued on a room-by-room basis.
Bob Young, chief executive officer of Fleet Mortgages, said: “As promised we continue to review and change our criteria following conversations with our intermediary partners and our own experience and view of the needs of today’s landlord client.
“These three main criteria changes reflect the cases we are seeing, and the types of landlords and properties that are seeking mortgage finance from us.”
“We’ve always wanted to reflect what is happening in the market and, where possible, to be flexible and responsive to the changing needs of advisers and their landlord clients,” he added.
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