The Mortgage Works (TMW) has changed its criteria to accept intercompany loans as a deposit option for buy-to-let (BTL) mortgage applications from limited company landlords.
The change to make financing more accessible for limited company landlords by expanding their deposit options was made in response to feedback from brokers.
Damian Thompson (pictured), director of landlord at TMW, said: “We understand the challenges limited company landlords face and know this new policy will provide greater flexibility and opportunity for them.
“Our modernised brand reinforces The Mortgage Works’ overarching aim to support our valued landlords and brokers as we look to be a beacon for mutual good by playing a leading role in creating a stronger, fairer private rented sector.”
TMW’s criteria change follows the lender’s recent cuts to its BTL mortgage rates for new and existing borrowers.
The cuts include a two-year fixed rate remortgage at 65% loan to value (LTV) with a 3% fee, which has been lowered by 0.25% to 3.59%.
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