About The Mortgage Works
The Mortgage Works is a part of Nationwide Building Society and provides their buy-to-let mortgages. They have been specialising in this area since 1988, and have won awards for the products and services they offer to buy-to-let investors and portfolio landlords.
Originally Sun Bank, The Mortgage Works was acquired by the Portman Building Society in 2001 and took on its current moniker in 2007 when Portman merged with Nationwide.
What type of buy-to-let mortgages do they offer?
The Mortgage Works offer a range of buy-to-let mortgages for the following:
- First-time landlords
- Portfolio landlords
- Self-employed landlords
- Limited companies
- HMO investors
- Landlords who are remortgaging
The Nationwide subsidiary has exclusive products for existing customers, including those seeking green additional borrowing, and let-to-buy agreements. Their mortgage range includes 1, 2, 3, 5 and 10-year fixed-rate deals, as well as tracker-rate mortgages.
Lending criteria
The eligibility requirements for a buy-to-let mortgage at The Mortgage Works is as follows:
- Deposit requirements: Start at 20% of the property’s value or 25% if it has an Energy Performance Certificate rating of D or E.
- Age: The maximum age upon application is 70 years old, but there is no upper age limited for experienced landlords with at least 35% deposit.
- Landlord experience: There is no minimum amount of experience needed as The Mortgage Works will lend to first-time landlords. They will only lend to first-time buyers if they are applying with someone who has owned a home for six months.
- Credit history: Bad credit mortgages are available under some circumstances, but serious issues like bankruptcies and repossessions need to be fully discharged.
- Portfolio size: Borrowers can have up to 10 mortgaged properties on completion.
- Loan sizes: The minimum amount they will consider letting you borrow is £25,001, or £2,500 for additional borrowing applications. The maximum is £1.5 million.
What interest rates are available?
The interest rate The Mortgage Works will offer will depend on a range of factors, including the loan-to-value (LTV) ratio and the type of product you choose. Their standard variable rate at the time of writing (May 2024) is 8.99%.
You can compare the latest rates from The Mortgage Works with their competitors, or have one of our brokers do it for you, for free below:
