Limited company criteria
How to apply
Applications can only be submitted by using our editable Limited Company application form.
To prevent any delays in your application, please remember:
- Before you complete your application, please download and save the form first
- Handwritten application forms are not accepted
- Every question must be completed
- The application form is updated regularly, ensure you download the latest version from our website every time you apply
- You can print a copy of the application form for compliance or data capture purposes
Once completed, please email the form to SCLoansAdmInPBS@nationwide.co.uk.
You can't submit applications or obtain a Decision in Principle (DIP) through TMW Online. KFI's should be obtained from your usual sourcing system.
For case updates, call us on 08000 30 40 40.
Product and loan criteria
- Products are available up to 80% LTV
- Purchase and remortgage only. Further advances aren’t currently accepted
- 125% Interest Cover Ratio (ICR) for Buy to Let (170% for HMOs).
Download our product guide to view our product range and information, including stress rates.
- Our limited company products are only available to special purpose vehicles (SPVs) registered in England, Wales or Scotland. Partnerships or LLPs aren’t accepted
- A floating charge over assets of the company isn't required
- First time landlords and Houses in multiple occupation are accepted. We don't accept Let to Buy applications.
- The maximum number of directors is two. They must have 100% shareholding between them. Company structures outside of this aren’t acceptable
- Directors may only have one limited company financed to The Mortgage Works
- Directors must meet our standard lending criteria
- The company must advise of any proposed changes in the directors of the company or shareholding more than 5%. If your client fails to comply, this may lead to legal action against them.
- Portfolio landlord criteria applies if the company and its directors own four or more mortgaged properties, either separately or altogether
- If your client owns properties in their personal name, it must pass 145% rental cover. For properties held in a company, it must pass 125% rental cover
- A stress rate of 4.50% (up to 10 mortgaged BTL properties) or 5.50% (11 or more mortgaged BTL properties) also applies.
Source of deposit
- Loans from another company won’t be accepted, however a repayment of a director’s loan or dividend payment from another limited company will be considered
- A gifted deposit from individuals to director(s) are acceptable, however gifts to the company are not.
Our specialist underwriting team will confirm the case requirements when your client’s application is submitted. In most cases, we’ll request:
- Proof of deposit (purchase applications)
- Property schedule
- 3 months' personal bank statements for all directors.
If you haven't met with the directors 'face to face' then you'll be required to certify documents used to support your client's application.
If we're unable to verify your client electronically, we'll ask you to provide the Certificate of Incorporation.
We reserve the right to request additional information to satisfy requirements.
Limited Company FAQs
What is the procuration fee for Limited Company cases? This will reveal additional content
My clients are both directors of the company however only one has a shareholding, is this acceptable to The Mortgage Works? This will reveal additional content
Will The Mortgage Works require separate solicitors for you and my client? This will reveal additional content
What is a Special Purpose Vehicle (SPV)? This will reveal additional content
What are Standard Industrial Classification (SIC) codes? This will reveal additional content
Will The Mortgage Works lend to layered companies? This will reveal additional content
Will you insist on first legal charge? This will reveal additional content
Useful guides and forms
Before you complete your application form, please download and save the form first. All questions must be completed or your application will be returned.
If you need a suitable PDF reader, we recommend Adobe Acrobat.