Fleet Mortgages updates SPV lending criteria

Fleet Mortgages has announced that it has revised its lending criteria for limited company borrowers, introducing changes that expand its policy on lending to special purpose vehicles (SPVs).

The buy-to-let specialist lender has adjusted its approach to support a wider range of layered ownership models and corporate structures. The move reflects a shift towards accommodating more of the company formations that brokers and their clients regularly use.

Fleet stated that the updated policy, which takes effect immediately, aims to match the increasing complexity of landlord borrowing models. The lender described the revisions as a direct response to feedback from advisers.

To help brokers understand the changes, Fleet has advised them to speak with their business development managers. It has also updated its supporting documentation, outlining which limited company structures will and will not be accepted under the revised criteria.

The update follows a recent series of rate reductions. On the previous day, Fleet cut pricing by five and 10 basis points on selected five-year fixed-rate limited company products across the 55%, 65% and 75% loan-to-value (LTV) ranges. The lender also introduced £1,000 cashback on its 55% LTV limited company offerings.

“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,” said Steve Cox, chief commercial officer at Fleet Mortgages (pictured). “But as these structures become more sophisticated, it’s vital lenders move with the market.

“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.”

He added, “This is not just a technical criteria update, it’s a reflection of our commitment to staying aligned with real-world company practices and ensuring Fleet remains a trusted, forward-thinking partner for advisers working with limited company landlord borrowers.”