Head of Content
Mortgage Advisor & Director
Fleet Mortgages
About Fleet Mortgages
Fleet Mortgages are an intermediary-only lender owned by Starling Bank. They specialise in buy-to-let mortgages and offer them exclusively through brokers, like Teito.
You can compare the latest rates available from Fleet Mortgages below:
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What type of mortgages do they offer?
Fleet Mortgages exclusively offer buy-to-let mortgages. Their standard mortgage range features 2 and 5-year fixed rate mortgages, and tracker mortgages too.
In addition to their general buy-to-let mortgages, there are exclusive products for:
All of Fleet Mortgages’ deals are only available through mortgage brokers. You can access them through our free comparison service or by booking a consultation with us.
What rates are currently available?
Fleet Mortgages' rates are generally competitive with other specialist buy-to-let lenders.
The exact rate you will end up with will depend on the LTV, the product type and the overall strength of your application, among other factors.
You can compare the latest rates from Fleet Mortgages with their competitors from across the market for free with our mortgage-sourcing tool.
Eligibility criteria
To get a buy-to-let mortgage from Fleet you will need to meet the following criteria:
- Deposit requirements: Start at 20% of the property’s value but you will need more for non-standard property types such as HMOs and MUFBs (25% plus).
- Property ownership: The primary applicant needs to be a homeowner, and must have owned a property for at least 12 months. However, first-time landlords are accepted provided they are over age 25 with personal income of at least £25k.
- Age limits: The minimum age for a buy-to-let mortgage is 21 (or 25 for first-time landlords). The maximum age you can be at the end of the term is 95.
- Property types: Fleet only lends on freehold and leasehold properties in England and Wales. Accepted property types include HMOs, MUFBs, student lets, corporate lets, and ex-local authority properties, as well as standard houses and flats.
- Credit history: Will accept some forms of bad credit such as arrears and CCJs, but more serious issues like debt management plans and debt relief orders will trigger a rejection. Bankruptcies will need to have been discharged for six years.
How does Fleet Mortgages calculate affordability?
The interest coverage ratio (ICR) is the key metric that Fleet Mortgages uses to calculate affordability across its buy-to-let product range. They use the following ICRs:
- Basic rate taxpayers: The rental income must exceed the mortgage payments by 125% for landlords in this tax bracket. The same ICR applies to limited companies.
- Higher rate taxpayers: The rental income must cover the monthly mortgage payments by 130% for higher rate taxpayers.
Fleet Mortgages also has minimum personal income requirements for its landlords, with first-time buy-to-let borrowers needing £25k and established landlords £15k.
Are Fleet Mortgages a good lender?
Fleet Mortgage specialise in the buy-to-let sector and have a strong track record providing finance for landlords. They have positive reviews from existing customers with an aggregate score of 3.9/5 on Trustpilot, which indicates generally ‘great’ reviews.
Pros and cons
The table below shows the advantages and disadvantages of Fleet Mortgages as a lender to help you decide whether they are the right option for your needs and circumstances.
|
Advantages |
Disadvantages |
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Positive reviews from existing customers |
Limited product choice |
|
Rates are generally competitive |
Does not lend in Scotland or Northern Ireland |
|
Lends on a wide range of different property types |
Higher maximum term lengths available elsewhere (30 years is the max) |
|
Offers bad credit buy-to-let mortgages |
Does not offer regulated BTL mortgages |
How to apply for a buy-to-let mortgage with Fleet
You can only apply for a Fleet buy-to-let mortgage through a broker, but we’ve got you covered here. Not only can we help you access their product line, our advisers will search the entire market for alternative options to ensure Fleet is the absolute best lender available.
What’s more, you can check out the latest deals yourself using our free comparison service, if you prefer the DIY approach, but our brokers are available at any point if you need help.
Get started here to compare the latest buy-to-let mortgages deals from Fleet with more than 90 of their competitors from across the UK market.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you
FAQs
Fleet will consider lending to limited companies provided they are set up as special purpose vehicles (SPV) registered within England and Wales, with one or more of the following SIC Codes: 68100, 68209, 68320, 68201. They will also consider applications where the landlord is transferring a property, or properties, they own into SPV limited company ownership.