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TMW to roll out limited company mortgages for professional landlords

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  • 28/06/2018
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TMW to roll out limited company mortgages for professional landlords
The Mortgage Works (TMW) is to offer its limited company buy-to-let mortgage to the whole of market from Friday June 29.

 

 

 

Under the range rates start at 2.99% fixed for two years and 3.49% for five years, both with a £1,995.

The products were launched in November 2017 as part of a pilot to a small panel of brokers, in response to the “growing professionalisation” of the buy-to-let market.

During the trial, improvements were made to the products on the basis of broker feedback, TMW said.

Changes included the removal of the requirement to secure a floating charge over the company’s assets and increasing the loan to value (LTV) on buy to let and HMO applications to 80% and 70% respectively.

The minimum interest cover ratio (ICR) has also been reduced to 125%.

Paul Wootton, managing director of TMW (pictured), said: “We’ve successfully piloted the TMW limited company products and are now offering the range to the whole of the market.

“Combining our long-term expertise in supporting professional landlords with ongoing feedback from brokers, we’ve responded to the growing demand in an expanding part of the market by developing and improving a range of products with competitive rates and a specialist underwriting team to further support professional landlords.

“The products have been designed to meet the needs of our customers and have evolved with the help of intermediary feedback.

“This is part of a process of ongoing development of the range, and we are looking to continue increasing choice to landlords, including building a further borrowing facility and a dedicated switcher product range in the near future.”

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