TMW revises its lending criteria

The Mortgage Works has made several changes to its lending criteria with effect from June 3 including buy-to-let mortgages now available at 90% LTV.

Rental cover is now based on pay rate for all fixed rate products, and on pay rate plus 0.50% for tracker deals.

Rental income is now non-status to 70% LTV and 100% rental cover is available on all three and five-year fixed rate products for an additional 1% arrangement fee, which may be added to the loan. First-time landlord criteria is now available to 85% LTV and new tracker products have been launched.

Paul Howard, director of intermediary sales for TMW, says: “The improved LTV ratios and rental in-come requirements are competitive and bolster our position in the buy-to-let sector.”

Andrew Montlake, partner at Cobalt Capital, adds: “The change in the LTV bandings together with a more realistic rental calculation will assist everyone and should help cement TMW’s position as a leading buy-to-let provider.”