Fleet Mortgages has seen £1.2bn worth of business flow through its system in its first year.
Fleet Mortgages has seen £1.2bn worth of business flow through its system in its first year.
The figure is made up of Fleet's completed business, live pipeline and cases that were declined, cancelled or unselected.
The lender is currently working at a lending ‘run-rate’ of just over £500m per year while this is expected to increase to £750m in 2016.
Having increased its staff count to 54 in 2015 Fleet also expects to increase that number to 100 by the end of the year.
Bob Young, chief executive of Fleet Mortgages, said: “With a year under our belt we have some very positive figures from high-quality lending to deliver to the market as we prove we are now a settled and major force in the world of buy-to-let lending.
“The support we have had from the intermediary community and our distribution partners since we launched has been staggering and we continue to listen to them and develop our offering – both product and service – to meet their needs.”
In 2015 Fleet's lending was split between three areas: 60% of business was for individual buy-to-let; 20% was for limited company and 20% was for houses in multiple occupation (HMOs).
The average case was at 69.9% loan-to-value for borrowers aged 50 with a property value of £360,000.
Fleet’s typical customer has 11 properties.
Young added: “We have an ongoing commitment to keep working on all aspects of the Fleet Mortgages’ offering and throughout the year we will continue upgrading the systems we operate and the processes we run by to ensure they are optimised and working efficiently.
"This year is all about building on the huge strides we made in 2015, it will be a year of change for the buy-to-let sector but also we believe one of continued opportunity. Plus there are a number of other sectors where we believe the Fleet Mortgages’ model can excel in – we will of course remain true to our core strength of buy-to-let but can also see a time when we expand into other areas.”
