Buy-to-let lender doubled business last year

Fleet Mortgages completed £782 million of lending during 2021, nearly doubling the £400 million recorded in 2020.

This highlights how the buy-to-let market has recovered after being decimated by the pandemic.

It also portrays how the lender has upped its appetite after being acquired by Starling Bank in July 2021, in a £50m cash and share deal.

Fleet posted a pre-tax profit of £6.97 million in 2021.

Bob Young, chief executive officer at Fleet Mortgages, said: “2021 was a ground-breaking year for Fleet, not just because of our acquisition by Starling Bank and the significant opportunities this affords us, but also in terms of the way our entire team dealt with the uncertain circumstances brought about by the pandemic and our ability to lend and service to such high standards.

“We’ve always focused on the quality of our loan book, and the securitisations and the fact we had no credit losses again, shows that we are continuing to excel in this area.

“One of the reasons behind the Starling Bank deal was due to our risk and underwriting standards, and this continues to be a real focus for Fleet as we grow our lending volumes.”

Purchase business increased from 28% in 2020 to 42% in 2021, highlighting how landlords increased their appetite.

The lender saw more business outside Greater London, in particular across the Midlands and the North.

Fleet focused on professional landlords, with a quarter of its business coming from portfolio landlords, and 50% coming from limited company applicants.

Young added: “Fleet has entered 2022 with a very strong pipeline of business, and – with the support of Starling – we continue to focus on growing the proposition and operation, recruiting quality staff and pursuing our lending ambitions for the year ahead.

“We want to maintain our service standards, supporting intermediaries in the buy-to-let sector, and ensuring landlords have access to competitively-priced finance to allow them to grow their portfolios.

“We believe 2022 is going to be another positive year for the buy-to-let sector and are looking forward to playing a full part in the intermediary lending space.”

The lender contributed to four securitisations during 2021 under the London Wall and Canada Square securitisations programmes.

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