The Mortgage Works has relaxed mortgage criteria for landlords.
The lender is now accepting applications to purchase a limited company, where the company purchases a property currently owned and occupied by one of its directors.
This is similar to let-to-buy transactions for standard BTL cases. The Mortgage Works’ existing product range will be available to these applicants.
The Mortgage Works senior manager, BTL Mortgages, Joe Avarice said: “The Mortgage Works is one of the largest BTL providers in the market and we remain committed to supporting all types of landlords.”
He said this change to the proposal was in response to feedback from landlords and agents.
Dynamo sales and operations director Tony Field welcomed the change, which will allow customers to purchase their residential property within a limited company structure to use as a BTL.
Field says: “This could provide a route into the BTL market for first-time buyers, or it could allow landlords to expand their portfolio.