The Mortgage Works (TMW) is set to expand its mortgage offering for incorporated landlords with the introduction of a new limited company further advance offering.
Taking effect from 13 April, the further advance offering will be available as a two-year or five-year fixed rate option up to 80% loan to value (LTV) covering a range of product fees.
Rates will start from 2.94% and 2.99% respectively, according to the specialist lender of Nationwide Building Society.
TMW first launched its limited company mortgage range in 2018 to support incorporated landlords.
In addition, TMW will also introduce a limited company version of its Green Further Advance.
A rate of 2.99% will be available for loans of between £2,500 and £15,000 up to a maximum of 75% LTV, which comes with no product fees.
Opting for either a two or five-year fixed product, landlords are to use the whole loan for sustainable home improvements such as the addition of solar panels, window upgrade/replacement, boiler upgrade, air-source heat pumps and electric car charging points.
The new offering follows the changes made in February this year to allow limited company switcher applications to be done solely online.
TMW head of lending Daniel Clinton says: “TMW has been supporting the limited company buy-to-let market since 2018 and, by adding a further advance product to our range, we are responding to feedback we’ve been getting from both landlords and brokers alike.”
“The new further advance will support those landlords who are seeking to raise capital in order to expand their portfolios,” Clinton adds.