The buy-to-let (BTL) lender has upped the age at application for first-time landlords from 70 to 75 up to 70% loan to value (LTV).
There will also be no maximum age for experienced landlords applying up to 70% LTV. Previously, the limit was 65% LTV.
At the same time, the maximum total borrowing a landlord can hold across all mortgages with Nationwide Group will increase from £7.5m to £10m.
TMW will now accept applications that involve the purchase of an existing BTL property from another family member.
A new declaration form will replace the existing requirement for an intercompany loan agreement on limited company applications, simplifying and speeding up the process.
Episode 2: Affordability : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
Dan Clinton, head of BTL mortgages at TMW, 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 £10m 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.”
