The Mortgage Works will pilot a limited company buy-to-let offering from tomorrow with Mortgage Intelligence and The Buy to Let Business.
There are five products being piloted, with the lender’s 2-year fixes starting at 2.99% to 75% loan-to-value and its 5-year fixes at 3.64% to 75% LTV, both with a £1,995 fee.
There are fee free options at 3.49% for a 2-year fix and 3.99% for a 5-year fix, both to 75% LTV.
The lender also has a HMO lending product, which is a 65% LTV 2-year fix at 3.49% with a £1,995 fee.
Paul Wootton, managing director of TMW, said: “Having previously offered limited company products and with the long-term expertise to support professional landlords, TMW is now looking to return to this market.
“By piloting a limited company buy to let mortgage through selected intermediary partners, we are aiming to respond to the potential demand in the market and further support those professional landlords for whom such products may be suitable.
“The targeted TMW limited company product range will offer competitive rates and a specialist underwriting team.
“Once we have analysed the response and quantified demand, we will assess if we can roll the range out more widely across our intermediary partners.”
TMW said the key criteria for limited company lending will remain the same as personal buy-to-let borrowing and will be available for purchase and remortgage.
Ying Tan, managing director of The Buy to Let Business, said: “This is a defining moment in the limited company space where a major high street lender has decided to operate in this growing sector.
“We welcome the increased competition amongst lenders which will hopefully mean improved criteria and attractive rates.”
Sally Laker, managing director of Mortgage Intelligence, said: “We welcome the news that TMW is responding to insight from landlords and brokers and will be testing the likely increase in demand for this option in the market.”
The Mortgage Works is the buy-to-let arm of Nationwide Building Society.