The Landlord Works is a free website targeted at property investors but can be harnessed by mortgage advisers to help clients manage a property portfolio, access a discounted self-assessment tool or educational guides alongside tools relating to managing time and income.
According to the English Private Landlords Survey, published in 2019, nearly two thirds of landlords believe the industry had changed for the worse, predominantly due to the increase in regulation, legislation and tax.
Paul Wooton, director of home propositions at Nationwide (pictured) said the project had been in development for two years and is recognition that UK landlords need support, in alignment with brokers.
“Advisers often say to us that they don’t know where to go when landlords are asking them about broader topics like legislation and regulation across the sector. We’ve also spoken to over 100 landlords trying to understand what a landlord wants and tested the site with them.”
With around 155 key pieces of buy-to-let legislation and Nationwide data suggesting 300 landlords a day search for support on tax, landlords have stressed that this information needs to come from a trusted source, said the mutual.
Wooton said: “This is what differentiates us from other providers. First and foremost this is about us and our belief that if you can provide the tools, guidance and support, that frees up the landlord to provide a decent home for their tenants.
“We have 16m members some of whom who are renting. They are seeking more support and we can offer that through first-time buyer mortgages and the industry work we carry out, but we also need to offer tools and guidance to landlords to provide better homes for tenants.”
The site does not offer a buy-to-let mortgage application submission tool for The Mortgage Works products yet.
The Landlord Works allows landlords to connect multiple bank accounts to their profile to allow them to manage their finances. It also includes an open banking-driven tool for property management.
Sara Bennison, Nationwide’s chief product and marketing officer, said: “The private rented sector is in dire need of reform, but to get there, landlords need to be given every ounce of support.”
“As a mutual we are committed to improving the housing system and the private rented sector is a major part of that, particularly today. It is why we are working with a range of other organisations on the Future of Home and how we can collectively address some of the issues and make a positive difference.”
Greg Cunnington, director of lender relationships and new homes at Alexander Hall, said: “As one of the first major lenders to support limited company applications, The Mortgage Works has consistently been one of the most supportive lenders for the increased professionalisation of landlords.”
He added: “It is very positive to see Nationwide and The Mortgage Works strengthen their collaboration with intermediary partners even further with the launch of The Landlord Works, which we believe will be hugely beneficial to our clients.”