The lender originally withdrew from this tier after the mini Budget last year.
The relaunched products include a two-year fix with a rate from 5.74 per cent and a five-year fixed rate from 5.94 per cent for buy-to-let borrowers. Both have a two per cent fee and are available for purchase and remortgage.
Other rate and fee combinations are available.
For limited company borrowers, rates begin from 6.39 per cent with a two per cent product fee. This is available for purchase, remortgage and further advances.
Its range at 80 per cent LTV will be open to properties with an EPC rating of C or above, which the lender said was to support the private rental sector and recognise future aims to make properties more energy efficient.
The changes to its criteria will see tracker, variable rate and one or two-year fixed purchase, remortgage and further advances stressed at the pay rate plus two per cent or 5.5 per cent, depending on which is higher. For like-for-like remortgages and products fixed for five or 10 years, borrowers will be stressed at the pay rate of 4.5 per cent, whichever is higher.
The interest coverage ratio (ICR) for buy to let and let to buy is 130 per cent for lower rate tax borrowers and 165 per cent for higher rate tax borrowers. For houses in multiple occupation (HMO) and limited company HMO, the ICR is 175 per cent, while the limited company buy-to-let ICR is 130 per cent.
These have been simplified as the lender previously had multiple tiers to the ICR calculation.
Dan Clinton, head of specialist lending at The Mortgage Works, said the lender was pleased to return to lending at 80 per cent LTV and give more options to those with a smaller deposit.
He added: “We continually listen to feedback and appreciate that affordability policy has become a complex area to navigate.
“These latest changes simplify TMW’s approach and coupled with the wider changes being made to products and criteria, demonstrate TMW’s commitment to landlords, brokers and the wider buy-to-let market.”
