TMW enhances portfolio landlord criteria

The Mortgage Works (TMW) has announced a series of improvements to the affordability assessment applied to portfolio landlords.

The maximum aggregate LTV for portfolio landlords with more than 10 buy-to-let properties is increasing from 65% to 75%.

At the same time TMW is reducing its stress rate used across the portfolio from 5.25% to 5%.

Last week, TMW reduced rates by up to 0.75% across its buy-to-let, let-to-buy and large portfolio range for new business products.

Dan Clinton, head of specialist lending at The Mortgage Works, said: “As one of the largest buy-to-let providers the Mortgage Works continually looks at ways to enhance our proposition to serve a wide range of landlord needs. These latest changes follow last week’s rate cuts for larger portfolio landlords.

“We always value and listen to feedback and hope these latest changes demonstrate TMW’s commitment to portfolio landlords, brokers and the buy-to-let market.”