Fleet Mortgages has resumed booking physical valuations in England and is now progressing pipeline applications as well as accepting new cases.

The buy-to-let lender put all cases on hold as a result of the government lockdown.

Fleet is currently offering two and five year fixed rates up to 60 per cent loan-to-value with rates starting from 3.24 per cent for individual landlords, limited companies and those financing houses in multiple occupation and multi-unit blocks. 

The lender says that while its funders continue to offer their full support, its appetite for new business will be carefully monitored with its stakeholders and will depend on market conditions.

It has pledged to keep advisers up-to-date with any changes

New applications will be processed in the order that they are received so long as all fees have been paid.

It has no plans to run a tranche management system for booking funds and will review application volumes on a day-to-day basis. 

Fleet Mortgages distribution director Steve Cox says: “Following confirmation from our valuation panel manager, we are very pleased to announce that physical valuations in England have recommenced on our pre-valuation pipeline of cases, while any new applications received will be processed in the normal manner, with valuations instructed where all appropriate fees have been paid.

“While we are open for new business, initially we are going to keep a tight rein on volume as we wait to see how the capital markets react and how the situation plays out with the unlocking of the residential mortgage-backed securities markets.

“Positively, our funders are very supportive of the buy-to-let sector in a post covid-19 environment, and that bodes well for us increasing our appetite as we move forward, however we want to stress to advisers that we will be adopting a cautious approach initially. 

“Our focus will be on working with our distribution partners and advisers to communicate the path forward and how Fleet will work with them and their clients in this period and beyond. 

“This is an important step for both Fleet, and the entire specialist lending market, and we are confident it is the beginning of a return to a new version of normality after what has been a very challenging few months.”