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TMW to lend to portfolio landlords beyond 30 September

  • 11/05/2017
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TMW to lend to portfolio landlords beyond 30 September
The Mortgage Works (TMW), the specialist buy-to-let arm of Nationwide Building Society, said it will lend to portfolio landlords beyond the next set of underwriting changes expected from the regulator, the Prudential Regulatory Authority (PRA).

The lender said: “This is designed to give clarity beyond the 30 September 2017 deadline, set by the PRA for the introduction of new portfolio landlord underwriting standards.

Paul Wootton, managing director of TMW, said: “Against a backdrop of unprecedented change affecting the buy-to-let sector, we believe it is important we state this intention early, to provide clarity and support landlords with their longer-term planning.

“With a proud history of serving experienced and professional landlords, we are well placed to support portfolio landlords and intermediary partners through the transition to the new regulations.

“There will be some changes to the way we assess portfolio landlord mortgage applications, and we plan to announce the finer details in due course and in advance of the PRA deadline.”

A portfolio landlord is defined by the PRA as a borrower with four or more distinct mortgaged buy-to-let rental properties and will be subject to stricter underwriting criteria.

No lenders have revealed plans on how they will assess landlord portfolios differently with brokers calling for details by the summer.

TMW said by revealing its commitment to landlords with four or more properties, defined as a portfolio landlord by the regulator, it hopes to help landlords plan ahead.

For more, here’s editor of Specialist Lending Solutions‘ Samantha Partington’s analysis out this week calling for lenders to reveal the underwriting changes alongside the key questions brokers have for providers.

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