Landlords are being offered greater borrowing flexibility following changes from The Mortgage Works (TMW) and Pepper Money. TMW has widened several of its lending criteria, while Pepper Money has cut rates across its buy-to-let range.
TMW is raising the maximum application age for first-time landlords from 70 to 75 for applications up to 70% loan-to-value (LTV). For experienced landlords applying at up to 70% LTV, there will be no maximum age, compared to the previous limit above 65% LTV.
The Mortgage Works is also increasing the maximum total borrowing a landlord can hold across Nationwide Group mortgages from £7.5 million to £10 million. Additionally, TMW will now accept applications for existing buy-to-let properties being purchased from another family member.
Meanwhile, Pepper Money has reduced its buy-to-let rates, with deals now starting from 4.54% at up to 70% LTV. These products are aimed at borrowers with complex income, lower credit scores, or recent credit difficulties.