The Mortgage Works review their lending criteria and offer 80% LTV

Caz Blake-Symes • June 13, 2023

 The Mortgage Works is part of the Nationwide Group and are a specialist lender, only dealing with Intermediaries and directly with Mortgage Brokers like Bristol, Weston, Bath and Exeter Mortgages Online.

We place a great deal of our Buy to Let, Let to Buy and Limited Company mortgages through TMW. We are always pleased to recommend TMW based on rates, deal structure and their very good level of service.

As of June 2023, TMW have reviewed and refined their affordability criteria.

Their wide range of products include 1, 2, 5 and 10-year fixed deals.

 

Some of the changes made are as follows:

  • Simplified stress rates for purchases and remortgages
  • Increased borrowing exposure through TMW and the Nationwide Group
  • Changes to their Interest Cover Ratios
  • Reduced Portfolio Stress testing


Changes to Interest Cover Ratios

These are differing percentages depending on the investment type and ownership type including

  • Buy to Let and Let to Buy
  • HMO and Limited Company HMO
  • Limited Company Buy to Lets


On the whole these changes mean that TMW will be able to offer increased maximum borrowing where the product term is 5 years or more, or if it is a like-for-like remortgage. But does also mean that maximum borrowing will be less for terms under 5 years.


There are numerous variations on all the different products on offer, the simplest solution is to call us  and we can give you specific quotations to match your specific needs. We will also look at all lenders at the time of quoting to ensure the best products are offered to you from across the market.

 

80% LTV

TMW are reintroducing 80% LTV products for new business applications.  Available across their standard Buy to Let, Limited Company and Let to Buy ranges, these products will be eligible for properties with an EPC rating of A to C.

The range will include Purchase, Remortgage and Further Advance products. It will also offer a choice of 2 and 5 year fixed rate terms, as well as different fee and incentive options.


What to do next

These changes offer a wider range of products to many investors, and we will be delighted to discuss any of your specific funding requirements and carry out any portfolio reviews with you.

Our policy is that investors only deal with our Directors Phil Clark, Russell Green and Chris Seward.

 

For further details about the mortgage and protection products we offer as a fully independent mortgage broker, or any other mortgage information, book your FREE CONSULTATION with one of our expert Mortgage Advisers.


Bristol Mortgages Online             www.bristolmortgagesonline.com               Tel 0117 325 1511

Bath Mortgages Online                  www.bathmortgagesonline.com            Tel 01225 584 888

Weston Mortgages Online            www.westonmortgagesonline.com       Tel 01934 442 023

Exeter Mortgages Online               www.exetermortgagesonline.com         Tel 01392 690 888


Email info@swmortgages.com

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