TMW eases BTL rules and Molo cuts rates

The Mortgage Works (TMW) and Molo have introduced changes to their buy to let offerings, streamlining processes and enhancing affordability for landlords.

TMW has revolutionised its approach to limited company landlords by eliminating the requirement for all mortgage applicants to hold directorships.

Now, applications are welcomed from shareholders owning at least 20% of the company’s shares, broadening access to BTL financing.

The lender says this adjustment responds directly to landlord demand and broker insights, marking a pivotal enhancement to its limited company proposition.

Intercompany BTL loans

The news follows TMW’s decision to permit intercompany loans as deposit sources for BTL applications, further cementing its support for the sector.

Damian Thompson, the lender’s director of landlord, said: “We are making this change to address the ever-evolving needs of limited company landlords and their requirements on company structures.

“The Mortgage Works has been supporting the limited company buy to let market since 2018, and this latest enhancement is another example of our continued commitment to the market.”

He added: “We are making this change to address the ever-evolving needs of limited company landlords and their requirements on company structures.”

Molo cuts BTL rates

Meanwhile, Molo has sharpened its pricing for its BTL products, reducing rates by up to 20 basis points.

Two-year fixed rates now start at an attractive 2.83%, while five-year fixed rates start at 4.54%, catering to both individual and limited company borrowers.

Specialist BTL products, such as those for Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFB), remain competitively priced from 3.23%.

There is no additional cost for larger properties boasting six or more rooms or units.

Rates for new build, investor led and holiday let products begin at 3.38%.

Molo’s pricing for non-UK residents and expatriates remains unchanged at 5.99% and 5.24%, respectively.

The lender’s distribution director, Martin Sims, said: “As the market shifts, brokers need lenders who act quickly and stay focused on affordability.

“At Molo, we’re doing just that – offering consistently competitive pricing and helping brokers find solutions that work for their clients today and in the long term.”

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