Change aims to support incorporated landlords
The Mortgage Works (TMW) has announced an update on its lending criteria aimed at supporting incorporated landlords.
TMW – the buy-to-let mortgage lender of Nationwide Building Society – is now allowing limited company purchase applications for properties currently owned and occupied by one of the company’s directors.
The initiative mirrors the let-to-buy schemes available in standard buy-to-let transactions, with TMW’s existing limited company product range now applicable to these cases.
Full details of The Mortgage Works’ limited company criteria can be found online.
“The Mortgage Works has been supporting the limited company buy-to-let market since 2018 and, as one of the largest buy-to-let providers in the market, we remain committed to supporting all types of landlords,” said Joe Avarne (pictured), senior manager of buy-to-let mortgages at The Mortgage Works.
“This latest change is another example where we are responding to feedback we’ve had from landlords and brokers alike. We are always looking at ways to improve our offering for limited companies and are pleased we’ve been able to make this change.”
Tony Field, sales and operations director at Dynamo, expressed approval of TMW’s efforts to enhance its limited company offerings.
“It’s great to see TMW looking to evolve their limited company proposition by allowing customers to purchase their residential home within a limited company structure for use as a buy-to-let,” he said. “This could offer a route to enter the buy-to-let market for the first time or indeed allow landlords to expand their portfolio.”
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