We recently emailed you about the reduction to our Interest Cover Ratio on BTL mortgages for lower rate tax payers, with effect from Wednesday 17 May.
Take a look at our new TMW affordability guide for full details of the changes we're making.
Additionally, we're making the following criteria changes to Houses in Multiple Occupation (HMO) applications:
- The maximum loan for HMOs is increasing from £500k to £750k
- The HMO ICR is increasing from 150% to 170%
- For HMO applications only, landlord experience required is 2 years as a standard BTL landlord or 1 year as a HMO BTL landlord
To make these changes TMW Online will be unavailable from 8pm Tuesday 16 May until 8am Wednesday 17 May.
Full Mortgage Applications must be submitted by 8:00pm on Tuesday 16 May 2017. Paper applications must be posted with a postmark no later than Tuesday 16 May 2017.