TMW relaunches limited company BTL range

The Mortgage Works, the buy-to-let arm of Nationwide Building Society, is piloting a limited company buy-to-let range through Mortgage Intelligence and The buy-to-let Business.

Related topics:  Mortgages
Rozi Jones
8th November 2017
BTL buy to let sign
"Having previously offered limited company products and with the long-term expertise to support professional landlords, TMW is now looking to return to this market."

TMW says it is re-entering the sector due to "a growing professionalisation of the buy-to-let mortgage market".

The lender plans to roll out the range more widely if the initial trial phase is successful and "there is further demand in the market".

The range will include five products, with two-year fixed rates starting at 2.99% and five-year fixed rates from 3.64%, both with a £1,995 fee. There will also be a separate product for HMO lending.
 
The key criteria for limited company lending will remain the same as for personal buy-to-let borrowing and will be available for purchase and remortgaging.

Paul Wootton, Managing Director of TMW, said: “Having previously offered limited company products and with the long-term expertise to support professional landlords, TMW is now looking to return to this market. By piloting a limited company buy-to-let mortgage through selected intermediary partners, we are aiming to respond to the potential demand in the market and further support those professional landlords for whom such products may be suitable. The targeted TMW limited company product range will offer competitive rates and a specialist underwriting team.
 
“Once we have analysed the response and quantified demand, we will assess if we can roll the range out more widely across our intermediary partners.”
 
Ying Tan, Managing Director of The buy-to-let Business, commented: “This is a defining moment in the limited company space where a major high street lender has decided to operate in this growing sector.  We welcome the increased competition amongst lenders which will hopefully mean improved criteria and attractive rates. TMW are not afraid to lead the way in the buy-to-let market and it is great to see them listening to the intermediary. Well done TMW!”
 
Sally Laker, Managing Director of Mortgage Intelligence, added: “Lending to landlords who own property within a limited company has become more of a focus in recent years. We welcome the news that TMW is responding to insight from landlords and brokers and will be testing the likely increase in demand for this option in the market.”

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