The Mortgage Works BuytoLet major criteria and product changesMake Text Bigger
The Mortgage Works BuytoLet team have made major changes to their criteria and products focusing on First Time Landlords, Let to Buy, Purchasing from a family member and withdrawing from the regulated BuytoLet market.
This is significant for the whole of the BuytoLet market as The Mortgage Works have a very large market share of new business due to its popular, products, criteria and 80% Loan to Value range. All the changes detailed below are now in force for new applications.Regulated Buy to Let:
Regulated BuytoLet applications where a property will be occupied by a member of the borrower’s immediate family will no longer be accepted.
This is a shock to the market as it only leaves BM Solutions able to accept regulated applications and they have no customer facing sales force, so all applications must be submitted by a broker.
Vendor Family Sales:
No further applications will be accepted by clients looking to buy a property from a relative.
First Time Landlords (FTLs): Good News 75%
Previously a First Time Landlord could only borrow a maximum of 65% Loan to Value selected from the core BuytoLet range. Now The Mortgage Works have launched a new FTL range with a maximum Loan to Value up to 75%.
Example products below are all a maximum of 75% LTV:
- 3.59% 1 year tracker 3.5% lenders fee
- 4.49% 2 year fixed 3.5% lenders fee
- 4.99% 2 year fixed 2.5% lenders fee
- 5.34% 3 year fixed 2.5% lenders fee
Let to Buy:
The Mortgage Works have also launched a Let to Buy (LTB) product range for experienced landlords remortgaging their existing residential property as a BuytoLet.
Example products below:
- 3.24% 1 year tracker Max 65% LTV 3.5% lenders fee
- 3.59% 1 year tracker Max 75% LTV 3.5% lenders fee
- 3.94% 2 year tracker Max 65% LTV 3.5% lenders fee
- 4.19% 2 year fixed Max 65% LTV 3.5% lenders fee
- 4.49% 2 year fixed Max 75% LTV 3.5% lenders fee
- 5.34% 3 year fixed Max 75% LTV 2.5% lenders fee
- 5.99% 2 year fixed Max 65% LTV No lenders fee
To discuss or arrange a specific Buy to Let deal you can call us on 01603 489118 or email firstname.lastname@example.org
If you would like to add your own requirements and search for the most popular available Buy to Let products please click here
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