Fleet Mortgages has announced a raft of criteria changes including that the lender will now accept TR1 forms and will consider borrower satisfied and unsatisfied CCJs.
Fleet will now accept TR1 forms - transfer of whole of registered title - in order to go to offer on the loan, with the Land Registry not needing to be updated until completion. This change is aimed at streamlining and simplifying day one remortgage applications.
The lender will also now consider both satisfied and unsatisfied CCJs the borrower holds. It will consider CCJs of up to £500 satisfied within the last three years and will also consider CCJs up to £250 unsatisfied within the same time period.
The lender said the latter consideration was made in order not to exclude credit-worthy borrowers who may be in disputes over things such as parking tickets with car parking companies.
Fleet has also reduced its minimum floor area requirement to 30 square metres, whereas previously this was 35 square metres.
Commenting on the changes, Steve Cox, CCO at Fleet Mortgages (pictured above), commented: “These latest changes provide a greater degree of flexibility, a common-sense approach to CCJs, plus we want to be able to support those clients who are looking to remortgage on Day One.”
