The Mortgage Works has updated its buy-to-let mortgage criteria across four areas, with changes to age limits, maximum borrowing, inter-family purchases, and limited company applications taking effect from 3 September.
Age limits
The lender is raising the maximum application age for first-time landlords from 70 to 75, available up to 70% loan-to-value. For experienced landlords, The Mortgage Works is removing the maximum age at application entirely for those borrowing up to 70% LTV, a threshold previously set at 65% LTV.
Maximum borrowing
The ceiling on total buy-to-let mortgage borrowing a landlord can hold across all Nationwide Group lenders rises from £7.5m to £10m. The increase applies to combined borrowing across all mortgages held within the group.
Inter-family purchases
The Mortgage Works will now accept applications involving the purchase of an existing buy-to-let property from another family member, a transaction type previously outside its criteria.
Limited company applications
A new Intercompany Loan Agreement Declaration Form replaces the existing requirement for a full intercompany loan agreement on limited company applications. The change removes a step from the process for landlords borrowing through a corporate structure.
The four changes follow recent amendments to The Mortgage Works' property exposure policy for blocks of flats and maisonettes, which increased the number of units within a single development that the lender will support, giving portfolio landlords greater flexibility when buying within larger blocks.
"As landlords' circumstances and ambitions evolve, it's important that our lending criteria evolve too," said Dan Clinton, head of buy-to-let mortgages at The Mortgage Works.
"By increasing the maximum age at application and introducing support for eligible inter-family property purchases, we're giving brokers more options when helping landlords achieve their property goals.
"Increasing the maximum total borrowing available across Nationwide Group to £10 million also provides portfolio landlords with additional capacity to grow and manage their portfolios. These latest enhancements reflect our commitment to listening to broker feedback and continually improving our proposition to support all types of landlords."
