Mortgage News
The Mortgage Works pilots direct to consumer buy to let
The Mortgage Works (TMW), Nationwide Building Society’s broker-only buy-to-let arm, is preparing to offer a direct to consumer channel in a move away from its traditional intermediary-only focus.
The mortgage provider has launched a pilot scheme tailored to customers who approach Nationwide branches or contact them via the telephone to enquire about buy-to-let mortgages.
It is believed the pilot is part of a bigger stand-alone D2C product launch for buy-to-let clients in 2017.
A spokesperson for Nationwide provided the following statement: “The Mortgage Works (TMW), part of the Nationwide Group, has been running a small pilot over the last year to help customers who approach Nationwide branches or telephone directly in search of a buy to let mortgage.”
Ying Tan, managing director at The Buy to Let Business, said it was a bold move from TMW to shift their focus towards D2C products, especially as they have historically exclusively sourced business via intermediaries.
“Buy to let is such a specialist area, more so than ever with the tax changes, and with [this sector] you need the expert advice of a broker far more than a when you’re dealing with residential mortgages,” said Tan.
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He added he would advise TMW to invest their money in improving its current intermediary service, especially as the buy-to-let market still counts for such a small part of the wider market.