TMW expands limited company criteria to allow residential purchases

The Mortgage Works (TMW) has changed its mortgage criteria for incorporated landlords.

The lender will now accept limited company purchase applications to use as a buy-to-let where the company is purchasing a property that is currently owned and lived in by one of its directors.

This is similar to let-to-buy transactions for standard buy-to-let cases. The Mortgage Works’ existing limited company product range will be available to these applications.

Joe Avarne, senior manager for buy-to-let mortgages at The Mortgage Works, said: “The Mortgage Works has been supporting the limited company buy-to-let market since 2018 and, as one of the largest buy-to-let providers in the market, we remain committed to supporting all types of landlords.

"This latest change is another example where we are responding to feedback we’ve had from landlords and brokers alike. We are always looking at ways to improve our offering for limited companies and are pleased we’ve been able to make this change.”

Tony Field, sales and operations director at Dynamo, commented: “It’s great to see TMW looking to evolve their limited company proposition by allowing customers to purchase their residential home within a limited company structure for use as a buy-to-let. This could offer a route to enter the buy-to-let market for the first time or indeed allow landlords to expand their portfolio.”