A spokeswoman for TMW said: “The changes are being made to ensure the product is used as intended.”
The product was available up to 70% loan to value, 65% for first-time landlords, for loans up to £500,000 with the stipulation that work was completed within three months.
The announcement follows Precise Mortgages recent launch of its Bridge to Let product which allows borrowers to take a bridge out for light refurbishment, up to 75% LTV and gives borrowers the option to transfer to a buy to let mortgage after four months.
