Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.
Buy to Let Mortgage Criteria Expanded by Major Lenders
The Mortgage Works (TMW) and Pepper Money have announced changes to their buy to let mortgage products, broadening options for landlords. These updates include increased borrowing flexibility and adjustments to lending criteria.
According to Property118, The Mortgage Works has raised the maximum application age for first-time landlords from 70 to 75, applicable at up to 70% loan-to-value (LTV). The lender is also increasing the maximum total borrowing available to landlords, although specific figures were not detailed in the report.
Pepper Money has reduced rates across its buy to let mortgage range, offering further options for landlords seeking competitive finance.
These changes may be relevant to letting agents and inventory clerks who work with landlords considering property investment or portfolio expansion. The broadened criteria could impact the types of clients entering the market and the volume of rental properties requiring management and inventory services.
Source: Property118