The Mortgage Works has made a number of enhancements to its application process to broaden its support for landlords and their brokers.
TMW is increasing the maximum age at application for first-time landlords from 70 to 75, up to 70% LTV. At the same time, there will be no maximum age for experienced landlords applying up to 70% LTV – previously this was 65% LTV.
From today, the maximum total borrowing a landlord can hold across all mortgages with the Nationwide Group will increase from £7.5 million to £10 million.
In addition, the Mortgage Works will now accept applications that involve the purchase of an existing buy-to-let property from another family member.
Finally, a new declaration form will replace the existing requirement for an intercompany loan agreement on limited company applications, simplifying and speeding up the process.
These enhancements follow recent changes to TMW's property exposure policy for blocks of flats and maisonettes. These changes increase the number of properties within a single development that can be supported through its lending, providing greater flexibility for landlords.
Dan Clinton, head of buy-to-let mortgages at The Mortgage Works, said: “As landlords’ circumstances and ambitions evolve, it’s important that our lending criteria evolve too. By increasing the maximum age at application and introducing support for eligible inter-family property purchases, we’re giving brokers more options when helping landlords achieve their property goals.
"Increasing the maximum total borrowing available across Nationwide Group to £10 million also provides portfolio landlords with additional capacity to grow and manage their portfolios. These latest enhancements reflect our commitment to listening to broker feedback and continually improving our proposition to support all types of landlords.”
