Anyone with a TMW buy-to-let mortgage who wants to borrow more and switch to a new rate can now apply for both at the same time.
The Mortgage Works (TMW) is improving its processes to enhance the application process for brokers and landlords looking for further advances and rate switches.
These changes mean that anyone with a TMW buy-to-let mortgage who wants to borrow more and switch to a new rate can now apply for both at the same time.
Previously anyone wanting to switch their rate and obtain a further advance had to apply for both separately, with one application being completed before the other one could be started.
The change will also allow applicants to secure one of TMW’s current switcher products, but with the ability to complete on the further borrowing within six months.
For landlords on reversionary rate mortgages, this also means they will now be able to benefit from the standard affordability assessment on further borrowing.
Ian Andrew, director of intermediary relationships at Nationwide Building Society, said: “We are continually looking at ways to both streamline and enhance our processes to ensure applications are as quick and easy as possible for both intermediaries and landlords.
"These changes, which will save time and open up a wider range of options, are the latest in a line of improvements we’ve made to support the broker community, including the enhancements to TMW Online last year and subsequent improvements to case tracking.”
