Fleet Mortgages drop floating charges on limited company cases
21 March 2018
Fleet Mortgages, the buy-to-let and specialist lender, has today (21st March 2018) announced it will no longer require a floating charge on its limited company cases. Fleet Mortgages believe this decision will provide a number of benefits to advisers and their clients who are purchasing or remortgaging properties held in a limited company structure.
The lender says it will mean a simplification for all such cases especially when it comes to limited company lending where the client holds mortgaged properties with multiple lenders. It says that the adviser and client can also expect a far more simplified mortgage processing experience and simplified conveyancing through to completion.
Fleet Mortgages is a specialist buy-to-let lender with products distributed via intermediaries only. It is specifically focused on providing mortgages to portfolio and professional landlords and recently announced that one-third of its mortgage applications were now via limited companies.
It operates a limited panel of conveyancers specifically for its limited company buy-to-let business – the panel can be viewed by visiting: https://www.fleetmortgages.co.uk/wp-content/uploads/2018/01/Limited-Company-Conveyancers-Panel-25012018-v3.0.pdf The Fleet Mortgages’ product guide is available to view by visiting the website at: https://www.fleetmortgages.co.uk/products/
Bob Young, Chief Executive Officer of Fleet Mortgages, commented:
“Given our commitment to portfolio and professional landlords we felt it was important to make the process as simple and transparent as possible for those purchasing or refinancing with us through a limited company structure. This is why we have made the announcement that we will be dropping the requirement to have a floating charge on such cases. As far as advisers are concerned this will make the whole process with limited company cases that much simpler, specifically when it comes to those clients who have mortgages with multiple lenders within a limited company. We are sure this decision will be welcomed by the market as we seek to grow our lending activities in the limited company buy-to-let space.”
