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
Limited Company minority shareholders
We now accept limited company applications where there are minority shareholders.
A minority shareholder can own up to 20% of the shareholding. They need to be at least 21 years old, but do not need to be part of the mortgage and won’t be credit assessed.
Limited Company lending criteria
Purchase of Directors main residence
We accept Limited Company applications where the company:
is purchasing a property, currently owned and lived in by one of its directors / shareholders, and will use the property as a buy to let
Intercompany loans
We also accept intercompany loans as a source of deposit for Limited Company buy to let applications.
And we now accept applications where just one shareholder or director solely owns the company lending the funds for the deposit.