Landlords who apply for a buy-to-let mortgage with The Mortgage Works (TMW) will now solely be left with a gentle footprint on their credit score file.
A tough footprint will solely be left on the credit score file as soon as a full utility is submitted.
TMW added that it’s improved its present Determination in Precept course of by opening it as much as restrict firm purposes.
Dan Clinton, head of purchase to let mortgages at The Mortgage Works, stated: “As one of many nation’s main buy-to-let lenders, we all the time intention to make the applying course of as easy and fast as attainable to help brokers and their landlord shoppers.
“The adjustments we’re asserting right now are based mostly on suggestions we’ve been getting from brokers in current months.
“And, persevering with our longstanding help for the restricted firm market, we’re additionally making enhancements to our restricted firm utility course of to make sure The Mortgage Works stays entrance of thoughts for these landlords.”
TMW stated the Determination in Precept course of is being sped up usually.
The lender has widened its restricted firm shareholder coverage by permitting minority shareholders with a holding of 20% or much less.
A restricted firm can have as much as 4 minority shareholders (with a most mixed holding of 25%), and they don’t have to be a part of the mortgage and received’t be credit score assessed or required to signal a private assure.
