The lender has increased the maximum aggregate loan to value (LTV) for portfolio landlords with over 10 properties from 65 per cent to 75 per cent.
TMW is also lowering the stress rate used across the portfolio from 5.25 per cent to five per cent.
Dan Clinton, head of specialist lending at TMW, said: “As one of the largest buy-to-let providers TMW continually looks at ways to enhance our proposition to serve a wide range of landlord needs. These latest changes follow last week’s rate cuts for larger portfolio landlords.
“We always value and listen to feedback and hope these latest changes demonstrate TMW’s commitment to portfolio landlords, brokers and the buy-to-let market.”
Halifax tweaks self-employed criteria
Halifax will now use the latest year or the average of the last two years, whichever is lower, as the amount of income used in its affordability calculation for self-employed calculations.
In a criteria update, the lender said that this was a change where self-employed income is up to £50,000 in the prior year and applied to new applications from 17 October.
The lender said that if an application was started prior to this date, including if only a decision in principle (DIP) was entered, the income calculation will not change and be the lowest of the last two years.
“We continue to adapt our approach in response to broker feedback and the market to ensure we support customers while lending responsibly. The alignment of the approach enhances affordability for self-employed applicants on lower incomes,” Halifax said.
The firm added that where a business has been trading for one full year, but less than two years, it would consider an application.
