Fleet scraps floating charges on limited company cases

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.

Fleet added that the adviser and client can also expect a far more simplified mortgage processing experience and simplified conveyancing through to completion.

Bob Young, CEO 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.”