Fleet Mortgages has revealed that it completed over £1.2bn of new lending completions during the 2022 calendar year.

Through the 12-month period up to 31 December, the buy-to-let (BTL) specialist lender’s mortgage origination figures of £1.24bn meant it was 58% up on the previous year’s figure of £782m.

Fleet stated that despite “considerable turmoil within the lending market” during last year, its lending activity had been strong throughout 2022 with its busiest completion months taking place between August and November.

Last year was also the first full year of lending under Fleet’s owners, Starling Bank, with all funding coming via the digital bank. The average loan amount over the course of the entire year for the lender was just shy of £215,000.

Fleet added that the quality of its mortgage book remains “very high”, with landlord borrowers continuing to manage their financial affairs in a way that was not developing into higher mortgage arrears

Chief commercial officer at Fleet, Steve Cox, described 2022 as a “rollercoaster year” for the mortgage market.

“It’s been positive to see pricing coming off its most recent highs, and we fully anticipate this trend will continue into the year ahead, offering advisers and their landlord clients access to competitive rates and products which will allow them to maintain their profitability and hopefully add to their portfolios,” he said.

“Fleet remains absolutely committed to this market, and we believe the fundamentals of the private rental sector remain strong particularly the high level of tenant demand that continues to exist against a backdrop of low supply.

“We therefore are fully committed in 2023 to providing them with the products and service level they, and their clients, have come to expect from us.”

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