Limited company lending
The Mortgage Works will now allow applications from directors and shareholders who are already party to an SPV financed with The Mortgage Works. This will provide greater flexibility for landlords who choose to structure their property portfolios across more than one limited company.
This change builds on a series of enhancements The Mortgage Works has made to its limited company proposition over the last few years, including the acceptance of intercompany loans, changes to its shareholder policy and improvements to the upfront application process.
Foreign nationals
Last week, The Mortgage Works also made changes to its foreign nationals policy. The minimum remaining visa validity required for foreign nationals without Indefinite Leave to Remain (ILR) is 12 months (previously, it was 30 months). The Mortgage Works has also aligned its acceptable visa types to mirror those of Nationwide.
Foreign nationals with ILR also no longer need to have owner-occupier status where they are applying jointly to The Mortgage Works with either a UK citizen or an applicant who holds ILR.
All other criteria, including loan-to-value and address history requirements, remain unchanged.
Dan Clinton, Head of Buy-to-Let Mortgages at The Mortgage Works, said: “Landlords increasingly need greater flexibility in how they structure and manage their property portfolios, and this change gives them exactly that. We’re giving limited company landlords more choice over how they organise their investments and plan for the future.
“Together with our changes for foreign national applicants, these enhancements demonstrate our ongoing commitment to strengthening our proposition to meet the needs of today’s landlords.”
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