The lender has removed any age restrictions on the date of term maturity in order to serve borrowers who wish to use buy-to-let properties to help fund their retirement.
The specialist lender has chosen to introduce a maximum age on applications of 70.
TMW said recent research had suggested more people were using property as their pension but its previous rules had not supported this approach.
Henry Jordan, managing director of The Mortgage Works, said: “We are aware that a significant proportion of landlords intend to use their buy-to-let property as a form of retirement provision. We believe these changes provide an innovative and practical solution that allows us to responsibly support those aspirations.
“Using BTL as a long term investment is growing in popularity amongst people who want to maintain their options and potential sources of income into retirement – and the recent Budget announcements could see even more considering BTL as an option for their retirement savings.
“Our removal of upper age limits at maturity will ensure our customers are offered greater choice and flexibility around the point at which they might sell their property; providing increased peace of mind for their tenants, as well as supporting stability in the wider market.”
