Fleet Mortgages has made a series of improvements to the standards designed to support a wider range of landlord borrowers and limited company structures.
The specialist buy-to-let lender will now consider joint applications involving foreign nationals where at least one applicant is a UK passport holder, has indefinite leave to remain (ILR) or settled status.
It says additional applicants can be accepted on eligible visas, provided they have lived in the UK for at least three years and have at least 12 months remaining on their visa.
Accepted visa categories include Skilled Worker, Family/Spouse, UK Origins, Health and Care Worker, British National (Overseas), Intra-Company Transfer and EU Settlement Scheme visas.
In addition, Fleet has expanded its limited corporate lending criteria and will now accept registered company group structures anywhere in the UK.
These countries include Scotland and Northern Ireland, whereas previously companies had to be registered in England and Wales.
Fleet explains that the change reflects its desire to lend to special purpose vehicles (SPVs) incorporated in the UK, however, the security property must remain located in England or Wales and lending remains subject to English law and statutory protections.
“The buy-to-let market continues to evolve and we are ensuring our standards evolve with it,” says Steve Cox, chief commercial officer at Fleet Mortgages.
“While these latest improvements are more targeted than the broader package of changes we introduced earlier this year, they address areas where advisers told us greater flexibility would help them deliver more cases and support a broader range of landlord borrowers.”
Elsewhere, MT Finance announced changes to its BTL and commercial mortgage scope, effective 20 July.
