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
Redefining our approach to affordability
We’ve reviewed our affordability criteria and are happy to share that we are simplifying our approach.
This means that, for the majority of applications we receive, we’ll be able to offer a higher maximum loan (subject to underwriting and criteria).
These changes will take effect from tomorrow, Wednesday 7 June. To view full details, please see our website.
80% LTV is back
We’re reintroducing 80% LTV products for new business applications from tomorrow.
Available across our standard Buy to Let, Limited Company and Let to Buy ranges, these products will be eligible for properties with an EPC rating of A to C.
Additional criteria changes
We’re also making the following positive changes to our criteria:
- We’re updating our total Buy to Let borrowing limits with the Nationwide Group (including new loan)
- Our Portfolio stress rate will be reduced from 5.50% to 4.50%