The Mortgage Works (TMW) has increased the maximum amount landlords can borrow across Nationwide Group mortgages from £7.5m to £10m as part of a series of changes to its buy-to-let lending criteria.

The lender is also increasing its maximum application age for first-time landlords from 70 to 75 for borrowing up to 70% loan-to-value (LTV).

For experienced landlords applying at up to 70% LTV, TMW is removing its maximum application age altogether. Previously, the absence of a maximum age only applied at up to 65% LTV.

The changes take effect from today (3 September) and are intended to give landlords greater flexibility as their circumstances and property portfolios evolve.

FAMILY PROPERTY PURCHASES

TMW will also accept applications where an existing buy-to-let property is being purchased from another family member.

Meanwhile, limited company landlords will benefit from a new Intercompany Loan Agreement Declaration Form, replacing the existing requirement for an intercompany loan agreement.

The lender says the change should simplify and speed up the application process.

Increasing maximum borrowing across Nationwide Group to £10m is particularly aimed at portfolio landlords looking for additional capacity to expand or manage their existing holdings.

‘CRITERIA EVOLVE TOO’

Dan Clinton (main picture), head of buy-to-let mortgages at The Mortgage Works, says: “As landlords’ circumstances and ambitions evolve, it’s important that our lending criteria evolve too.

“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.”

The changes follow recent amendments to TMW’s property exposure policy covering blocks of flats and maisonettes, increasing the number of properties it can support within a single development.