General Criteria

Applies to all products, unless otherwise stated.

Term

Min: 5 years - Max: 35 years.

New business application submission

All new business applications should be submitted via TMW Online. Exceptions apply.

Loan Purpose

  • Purchase or remortgage in England, Wales and mainland Scotland
  • Remortgages acceptable after the property has been owned for a minimum of six months
  • Raising capital for non-business purposes including for deposit/purchase of a Buy to Let property, will be considered
  • Raising capital for non-structural home improvements will be considered
  • Remortgage with no capital raising may require proof of the current mortgage balance e.g. the last mortgage or redemption statement

Further advances

May be considered after a minimum of six full consecutive monthly payments have been made. Subject to revaluation in all instances. The minimum amount is £2,500 (unless otherwise stated).

Capital raising for business purposes is not accepted. Raising capital for other legal reasons including for deposit/purchase of a property will be considered.

Further advances for customers aged over 70, will only be considered for essential/structural repairs for the security.

Offer Validity

  • Purchase Applications: 6 months from date of 1st offer
  • Buy to Let Remortgage Applications: 3 months from date of 1st offer
  • Let to Buy Remortgage Applications: 6 months from date of 1st offer
  • Further Advance Applications: 3 months from date of 1st offer

Capital repayment allowance

  • Your client can make lump sum or regular overpayments of up to 10% of the initial mortgage balance in each 12 month period from the anniversary of completion, without having to pay any early repayment charges. This isn't available if the whole loan is being repaid or security released
  • Assets held by the customer for repayment of the mortgage are not acceptable where it is denominated in a currency other than pounds sterling (GBP).

Tenancy agreements

  • Accepted in the form of an Assured Shorthold Tenancy Agreement (Short Assured Tenancy in Scotland) for a period of up to thirty six months
  • Non-Assured Shorthold Tenancy Agreement applications (Local authority/Housing Association Tenancy, Corporate Tenancies and private individuals where annual rent exceeds £100k) also considered up to thirty six months
  • Corporate lets are considered for use by the company’s employees where the company employs more than 1,000 staff and is based in the UK
  • One tenancy agreement accepted per property, except for HMOs where multiple tenancy agreements are accepted
  • Purchase applications where existing tenants will remain in the property are accepted, subject to a new tenancy agreement being signed on completion or the conveyancer confirms the benefit of the AST is transferrable to the borrower as a successor in title to the original landlord.
  • Tenancy agreements paid in cash are generally acceptable if supported by evidence of rental payments
  • Premium lease agreements (tenacies where a proportion of the rent is paid upfront) considered subject to the following LTV limits. Please contact us pre-application.
Payment Frequency
Maximum LTV
Up to 3 months in advance
75%
3-6 months in advance
65%
6-12 months in advance
50%

Change of security address

For changes to the security address during the application process, a new application will need to be submitted. Products and criteria at time of re-submission will apply.

Portability

Accepted. Applies when applicant simultaneously completes a mortgage for the same or greater amount keeping the same interest rate for that portion of the new mortgage without incurring an early repayment charge. Subject to meeting the company's lending criteria at the time of application.

Private sales

Will be considered subject to evidence of deposit and confirmation of:

  • How the applicant sourced the property
  • Any relationship between the applicant and the vendor
  • Whether the property is being purchased at full market value and if there are any incentives (gifted equity is not acceptable)
  • Whether the vendor will continue to reside in the property after completion (TMW will not accept these applications)

Please note, applications where the applicant is related to the vendor are not accepted.

Sale and rent back

It is not permitted for the vendor to remain as a tenant in the property or to retain an interest in the property.

Property Investment Clubs/Companies

Applications to purchase properties sourced via Property Investment Clubs/Companies are not accepted. These are typically businesses which offer to buy a property quickly from a seller, and then sells it on to another buyer.

Property

All properties must be in a lettable condition, to be determined by the valuer.

Properties not owned in personal name(s) (e.g. Limited Companies)

  • Applicants purchasing/transferring a property not owned in personal name(s) accepted providing they fall within one of the following categories:
    • TMW's approved list of builders
    • Local Authority/Housing Association owned properties
    • Properties where the owner is a lender listed in the CML handbook
  • No additional borrowing or increase in LTV will be permitted for existing TMW Limited Company accounts

Second charge

New applications with existing second charges are not accepted (unless repaid as part of the transaction). Consent to second charges post-completion considered on a case by case basis. This will be subject to criteria at the time of application, including rental cover assessment and LTV limits (currently 50% LTV before adding second charge).

Maximum loan per property

Product/Customer type LTV Maximum loan
Buy to Let
50%
£1,500,000
65%
£1,000,000
70%
£750,000
75%
£500,000
First Time Landlords &
Let to Buy
70%
£500,000
75%
£350,000
HMO
65%
£500,000

Maximum overall exposure per customer

Total BTL borrowing with Nationwide Group (including new loan)
Max LTV on new property
Up to £750,000
75%
£750,001 - £1,000,000
70%
£1,000,001 - £1,500,000
65%
£1,500,001 - £5,000,000
60%

Minimum loan

£25,001 (unless otherwise stated); minimum property value £50,000.

TMW multi property portfolio proposition

TMW's multi property portfolio proposition (for example, where rental income and LTV is averaged across the portfolio) is not available for new applicants. Existing multi property portfolio applicants may continue to operate their accounts on this basis, however no additional borrowing or increase in LTV will be permitted. Any new applications will be considered on a single property basis.


Applicant details

Applies to all products, unless otherwise stated

Applicants

  • Up to two applicants accepted per application
  • First Time Buyers considered when accompanied by an existing property owner (First Time or experienced landlord)
  • Buy to Let Guarantors not considered
  • The mortgage introducer cannot also be the applicant
  • Vendor cannot be a relative of the applicant
  • Regulated Buy to Lets (where the property will be occupied by the borrower or a member of the borrower's immediate family, now or in the future) are not accepted
  • Limited Companies as applicants not accepted

Applicant definitions and acceptable combinations

  • First Time Buyer (FTB): An applicant who has not owned any type of property (Residential or Buy to Let) for at least the last six months.
  • First Time Landlord (FTL): An applicant who has owned and occupied their own home for at least the last six months, but has not owned and let a Buy to Let property for the last six months.
  • Experienced Landlord: An applicant who has owned and let a Buy to Let property for at least the last six months (they may or may not own and occupy their own home).
  • Consumer Buy to Let (CBTL): An applicant with no other let properties wishing to obtain a mortgage on a property that has either been inherited or has previously been occupied by the borrower or related person at any time.
Application combinations accepted Applicant 1
First Time Buyer First Time Landlord Experienced
Applicant 2 First Time Buyer
No
Yes
Yes
First Time Landlord
Yes
Yes
Yes
Experienced
Yes
Yes
Yes
N/A
No
Yes
Yes

Residency

  • UK residents only.
  • Applicants with a previous address abroad in the last three years are not accepted.
  • Foreign nationals must be resident in the UK for at least three years prior to application, must have permanent right to reside and must have a UK bank account.

Age

Minimum: 21

Maximum age 70 at application


Additional product features

This information has now moved to the product section. Please click here to read it..