On Wednesday 13 April, The Mortgage Works (TMW) will be expanding its mortgage offering for incorporated landlords with the introduction of a new limited company further advance offering.
The new further advance is available as a 2-year or 5-year fixed rate option up to 80% loan-to-value (LTV) covering a range of product fees. Rates start from 2.94% and 2.99% respectively.
TMW first launched its limited company mortgage range in 2018 to support incorporated landlords in what was, and still is, a growing segment of the buy-to-let market.
Also from Wednesday 13 April, TMW will be introducing a limited company version of its Green Further Advance.
A rate of 2.99% will be available for loans of between £2,500 and £15,000 up to a maximum of 75% LTV and which comes with no product fees.
Landlords can opt for a 2- or 5-year fixed product. The whole loan must be used to fund a range of sustainable home improvements – examples include the addition of solar panels, window upgrade/replacement, boiler upgrade, air source heat pumps and electric car charging points.
The introduction of these further advance products is just another step to continually improve TMW’s offering for limited companies and follows closely on from changes made in February this year to allow limited company switcher applications to be done solely online.
Daniel Clinton, head of lending at The Mortgage Works, said: “TMW has been supporting the limited company buy-to-let market since 2018 and, by adding a further advance product to our range, we are responding to feedback we’ve been getting from both landlords and brokers alike.
“The new further advance will support those landlords who are seeking to raise capital in order to expand their portfolios.”
