Fleet Mortgages issued its first mortgage offer within 10 working days of receiving the full mortgage application.
The new buy-to-let and specialist lender’s first application was hand delivered to Fleet Mortgages’ offices by Ying Tan, managing director of Buy to Let Club, on 23 December and given to the lender’s sales director, Ross Turrell.
The valuation on the property was carried out on 29 December, received by Fleet Mortgages on 31 December, and ready for mortgage offer on 9 January.
The product applied for was an experienced landlord, buy-to-let remortgage at 75% loan-to-value. It is offered at a fixed rate of 3.29% for two years and is for a four-bedroom house based in the South East.
“2015 has kicked off in great style with a great response to our products and, despite the Christmas and New Year break, our first mortgage offer being issued within 10 working days of us receiving the full mortgage application – which was kindly delivered to our door by Ying Tan of Buy to Let Club,” said Bob Young, CEO of Fleet Mortgages.
“In our initial conversations with distributors and advisers last year we were always confident there would be demand for our product range but to see the first offer issued is still a considerable thrill for everyone working at the business. Since our launch we have also generated an avalanche of decisions-in-principles from our broker partners.
“The end of last year was a particularly hectic time as we brought all systems and processes online in order to come to market in record time. We have now achieved that goal and we are open for business and looking forward to working with Ying and all our distributors in order to satisfy the demand in the buy-to-let market.
“Our aim now is to ensure our service quality levels remain high and that we do what we say we’re going to do; this is a tremendously exciting time for all Fleet Mortgages’ stakeholders and we are intent on delivering on our promises and over the course of this year broadening our reach to the wider advisory community.”
Tan added: “We are delighted to be part of this historic moment and to have not only hand-delivered the first full mortgage application to Fleet Mortgages but received this first offer in record time. I firmly believe with the rates and proposition that Fleet Mortgages has to offer it will write good volumes of buy-to-let business in 2015.
“The increased competition in this sector is great news; brokers should align themselves with the right clubs and packagers to ensure they can access new lenders looking to make traction in the market.”
PICTURE: Ying Tan, Managing Director of Buy to Let Club hands over the first application form to Fleet Mortgages’ Sales Director, Ross Turrell.