This forms part of its wider aim to improve its application processes and speed up lending decisions.
Additionally, TMW is improving its limited company shareholder policy by allowing minority shareholders with a holding of 20% or less to apply.
It will consider a limited company with up to four minority shareholders, with a maximum combined holding of 25%. They do not need to be part of the mortgage and will not be credit assessed or required to sign a personal guarantee.
Additionally, applications with TMW will only result in a soft footprint on a landlord’s credit file; a hard footprint will only be left when a full application is submitted.
Dan Clinton, head of buy-to-let (BTL) mortgages at TMW, said: “As one of the country’s leading buy-to-let (BTL) lenders, we always aim to make the application process as smooth and quick as possible to support brokers and their landlord clients. The changes we’re announcing today are based on feedback we’ve been getting from brokers in recent months.
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“And, continuing our longstanding support for the limited company market, we’re also making enhancements to our limited company application process to ensure The Mortgage Works remains front of mind for those landlords.”
Nick Mendes, mortgage technical manager at John Charcol, said: “The Mortgage Works’ move to offer a DIP for limited company cases is a practical win for brokers and landlords, giving earlier certainty and helping transactions progress faster. The switch to a soft footprint at DIP is a welcome bonus, letting clients test eligibility without denting their credit file.
“Easing the shareholder rules removes friction we often see in company structures and should reduce avoidable referrals. Taken together, these tweaks show a lender listening to broker feedback and backing portfolio and professional landlords with quicker, cleaner decisioning and a process that better reflects how the market operates today.”
Earlier this month, the firm expanded its limited company BTL range.
Virgin Money refreshes mortgage range
Virgin Money has updated its mortgage range with the addition of some products and the removal of others.
The bank has launched two-year tracker rates with no early repayment charge (ERC) and rates starting from 4.19% and a £999 fee to its purchase range, with fee-free options starting at 4.99%.
It has also added two-year fixes with a £999 fee and pricing beginning from 4.22%, and five-year fixed alternatives with rates starting from 4.27%.
Further, it has launched two-year fixed shared ownership products with a £999 fee and rates from 4.18%, and five-year fixes from 4.26%.
Across its remortgages, two-year ERC-free trackers will be added with a £999 fee and rates from 4.19%, as well as fee-saver options from 4.94%.
There will also be two-year fixes with a £999 fee starting from 3.99% and five-year fixed options from 4.04%.
Virgin Money has also added product transfer deals, including two-year ERC-free trackers, with a £999 fee from 4.14% and fee-saver alternatives from 4.89%.
There will also be two- and five-year fixes with £999 and £1,999 fees available, starting from 3.99% and 3.86% respectively, as well as 10-year fixes from 4.49%.
Additionally, Virgin Money has amended selected two-, three- and five-year fee-saver rates with some increases of as much as 0.2% and some reductions of up to 0.21%.
Changes apply from 28 October.
Principality BS trims mortgage rates
Principality Building Society has announced reductions to selected mortgages across its residential and BTL mortgages.
Certain two-, three- and five-year fixed rates from 65% to 95% loan to value (LTV) – both with and without a fee – have been cut by up to 0.12%, with the headline reduction applying to the two-year fix at 75% LTV with no fee, which is now priced at 4.25%.
Reductions of up to 0.1% have been made to some two- and five-year fixes from 65% to 85% LTV.
Elsewhere, its two-year fixed product for Help to Buy Wales at 75% LTV has been reduced by 0.15% to 4.1% and its five-year fixed BTL product at 60% LTV with a £1,395 fee has gone down by the same amount to 4.05%.
