The Mortgage Works has released a product update. For their latest products visit the product page on their website or the news section of their intermediary website. A summary of the changes is below. Contact us for more information.
TMW Announcement
Further to the improvements we shared earlier this week, we’ve made additional positive changes that will help your clients grow their portfolios. We’re pleased to have made these changes following intermediary feedback.
Increased maximum borrowing
Our maximum loan per property has increased to £2 million for buy to let and limited company applications and £1 million for let to buy.
We have made changes to increase the overall buy to let borrowing limits across the Nationwide Group. This includes increasing our total maximum borrowing to £7.5 million.
Portfolio Interest Cover Ratio (ICR) policy
We’ll now split the background ICR policy. So, for any properties in the portfolio owned within a Limited Company, the minimum overall ICR is 125%. For properties with personal buy to let borrowing, the ICR remains at 145%.