With effect from Tuesday 4 September 2012, we'll be making the following changes to our Buy to Let lending criteria:
Regulated Buy to Let - regulated BTL applications where a property will be occupied by a member of the borrower's immediate family will no longer be accepted.
Vendor Family Sales - the option for clients to buy a property from a relative will be withdrawn.
Let to Buy - along with First Time Landlords (FTL), experienced landlords remortgaging their existing residential property as a BTL will now be required to select a product from the LTB product range.
First Time Landlords (FTLs) - all FTLs purchasing a Buy to Let property will now be required to choose a product from the FTL range (currently, a FTL with an LTV up to 65% LTV, can select from the core BTL range).
Please note there are no other changes to any of our products. An updated version of our lending criteria will be available on our website from 9am Tuesday 4 September 2012.
Securing current products
You can secure any of the current products available via TMW Online or TMW MTE by completing a DIP before 1pm 3 September 2012. Any DIPs must be progressed to full mortgage application by 8pm 3 September 2012.
Please note that faxed DIPs will not be accepted and should be submitted via
TMW Online or TMW MTE. Paper applications, where applicable, must be postmarked up to 3 September 2012.
Help and Support
If you've got a question about these changes, please contact your local BDM, or contact our dedicated Sales Support team on 0845 601 0763.