Finance & Economics

Starling Bank acquires buy-to-let specialist mortgage lender

This acquisition is part of Starling’s plan to expand lending through a mix of strategic forward-flow arrangements

Starling

Starling Bank acquires buy-to-let specialist mortgage lender. Source: youtube.com

Starling Bank has announced the acquisition of specialist buy-to-let mortgage lender Fleet Mortgages in a £50 million cash and share deal.

Hampshire-based Fleet Mortgages focuses on providing mortgages to professional and semi-professional buy-to-let landlords, only via mortgage adviser distribution channels.

To date, it has originated £2.3 billion of mortgages and experienced zero credit losses, according to the press release.

Starling will become the sole funder of future originations, with Fleet Mortgages able to build on its lending operation by accessing Starling’s deposit base. Day-to-day operations at Fleet will continue unchanged with the company’s existing management team.

The acquisition of Fleet Mortgages is the start of our move into mortgages as an asset class and builds on a number of forward-flow arrangements that we’re doing with leading non-bank lenders. Fleet’s existing management team will remain in place and Fleet will continue to operate as a stand-alone company, keeping the original name and brand. We’re buying Fleet because it is very good at what it does, not because we want to change it
Anne Boden, CEO of Starling

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