Fleet Mortgages has completed on its first loan.
The mortgage application came through the Buy to Let Club and was for a two-year fixed rate product aimed at experienced landlords.
The loan amount for the borrower is £146,250 on a three-bedroom, terraced house with an “excellent” rental return, valued at £195,000 and located in Crawley, West Sussex.
“Today marks a further milestone for Fleet Mortgages with the announcement that we have completed on our first loan and we now have our first borrower on the book – the first of many due to complete over the course of the next month,” said Bob Young, CEO of Fleet Mortgages.
“Broker reaction to our proposition has been much better than we could ever have hoped for and now we are well into the new year, we are seeing strong levels of business coming through the door and are well ahead of our targets. As always our focus is on marrying up our product offering with service excellence and we continue to work hard in order to ensure we meet all expectations. We are fully aware that nothing is more annoying to a broker than a lender with good rates and sloppy service. This is another major step forward for Fleet Mortgages as we are now actively lending money and enabling buy-to-let landlords to either add to, or refinance, the properties in their portfolios.
“We would like to thank our distributors for their continued support and input, and we will hopefully be widening our distribution reach in the very near future.”
Ying Tan, managing director of Buy to Let Club, added: “This is fantastic news – the client and broker journey has been excellent. The application was submitted just before Christmas and to achieve completion in a little over a month is really good.
“Given our experience with Fleet so far, it is fair to say they have exceeded our expectations. Hopefully this will continue to be the case as volumes increase, which they no doubt will.”
Fleet Mortgages’ range of buy-to-let products are currently available via seven distributors: The Business Mortgage Company; Buy to Let Club; Legal & General Mortgage Club; Mortgages for Business; The Mortgage Trading Centre; Professional & Commercial; and Solent Mortgage Services. It intends to open up distribution to the whole of the broker market during the course of the first half of the year.
