Lender raises the maximum aggregate LTV and reduces the stress rate
The Mortgage Works (TMW), the buy-to-let mortgage lender of Nationwide Building Society, has announced further improvements to the affordability assessment for portfolio landlords.
The lender has increased the maximum aggregate loan-to-value (LTV) for portfolio landlords with more than 10 buy-to-let properties from 65% to 75%.
In addition, TMW has reduced its stress rate used across the portfolio from 5.25% to 5%.
“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,” stated Dan Clinton, head of specialist lending at The Mortgage Works. “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.”
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