TMW boosts limited company criteria – Mortgage Strategy
The Mortgage Works has updated its limited company criteria to allow directors and shareholders to have more than one special purpose vehicle (SPV).
The lender will now accept applications from directors and shareholders who are already party to an SPV that finances, giving landlords greater flexibility to structure portfolios across multiple limited companies.
The change follows a series of updates to its limited company proposition, including the acceptance of inter-company loans, changes to its shareholder policy and improvements to the application process.
TMW has also recently relaxed its criteria for foreign nationals.
Applicants without indefinite leave to remain now need at least 12 months remaining on their visa, down from 30 months previously, while TMW has aligned its accepted visa types with Nationwide.
Foreign nationals with indefinite leave to remain also no longer need to be owner-occupiers when applying jointly with a UK citizen or another applicant who has indefinite leave to remain.
Other criteria, including loan-to-value and address history requirements, remain unchanged.
The Mortgage Works head of buy-to-let mortgages Dan Clinton says: “Landlords increasingly need greater flexibility in how they structure and manage their property portfolios, and this change gives them exactly that.
“We’re giving limited company landlords more choice over how they organise their investments and plan for the future.
“Together with our changes for foreign national applicants, these enhancements demonstrate our ongoing commitment to strengthening our proposition to meet the needs of today’s landlords.”
