The Mortgage Works (TMW) has updated its criteria for limited company landlords. It will now accept purchase applications to use a property as a buy to let (BTL) where the limited company is purchasing a home that is currently owned and lived in by one of its directors.
This aligns the policy closer to BTL transactions for standard BTL cases.
Limited company borrowers will be able to access this criteria change through TMW’s existing product range.
Speaking at the Mortgage Solutions Buy to Let Event in Bolton yesterday, Adrian Scoates, corporate relationship manager at Nationwide, which is the parent company of TMW, said the lender had seen a rise in BTL purchases through limited companies.
He also announced this criteria change.
Joe Avarne, senior manager of BTL mortgages at TMW, said: “The Mortgage Works has been supporting the limited company buy-to-let market since 2018 and, as one of the largest buy-to-let providers in the market, we remain committed to supporting all types of landlords. This latest change is another example where we are responding to feedback we’ve had from landlords and brokers alike. We are always looking at ways to improve our offering for limited companies and are pleased we’ve been able to make this change.”
Tony Field, sales and operations director at Dynamo, added: “It’s great to see TMW looking to evolve their limited company proposition by allowing customers to purchase their residential home within a limited company structure for use as a buy to let. This could offer a route to enter the buy-to-let market for the first time, or indeed allow landlords to expand their portfolio.”
If you are interested in learning more about the BTL sector, the Buy to Let Event is still taking place next week in Cardiff on 1 May and Reading on 2 May; register here to attend.
