In This Article
About The Mortgage Works?
The Mortgage Works (TMW) is a subsidiary of Nationwide Building Society that is based in Swindon and Bournemouth and has been offering mortgages since 1997.
The lender is an intermediary-only buy to let lender, which means landlords are unable to obtain mortgages direct and will need to work with a mortgage advisor to obtain one of TMWs products.
TMW is one of the fastest growing specialist lenders that has developed an innovative range of products and is known for a common sense approach.
They aim to support brokers and their landlord clients with crafted products, competitive pricing, and clear criteria.
Their strapline is – We work so The Mortgage Works.
SPEAK TO AN EXPERT MORTGAGE ADVISOR TODAY!
What do The Mortgage Works specialise in?
TMW is a mainstream buy to let lender that offers a selection of tracker, fixed and discounted buy to let rates to mortgage advisors.
Their range is designed to help new and existing landlords, including, portfolio landlords and limited companies. Their range includes:
- Standard buy to let mortgages
- Portfolio landlord mortgages
- Limited company buy to let mortgages
- Let to buy mortgages
- No minimum income buy to let mortgages
- Older aged buy to let mortgages
- HMO Mortgages
- Ex-local authority buy to let mortgages
- Above commercial buy to let mortgages
- Buy to let studio flat mortgages
Are The Mortgage Works competitive?
TMW offer mainstream buy to let products and try to be competitive in this market.
Their products can include a cashback, free valuation and free legal service, which can help keep your costs down.
The Mortgage Works only offer their products via mortgage advisors. Therefore, if you are considering a mortgage with them, speak to a mortgage advisor who can help you compare your options.
Can I switch my rate with The Mortgage Works?
If you are already a customer of TMW you may be eligible for a product switch if your initial rate is coming to an end in the next couple of months. If you are not coming to the end of your deal, you still might be able switch. However, you may have to pay an early repayment charge.
You may be able to switch you mortgage deal online with The Mortgage Works directly, and they provide the mortgage works switcher guides to assist you. However, it is advisable you discuss your situation with an adviser to ensure this is the best option for you.
Eligibility to switch your mortgage deal
If you would like to switch your mortgage deal with The Mortgage Works, you’ll need to ensure:
- You don’t have a further advance application to borrow more in progress.
- You are not subject to a Bankruptcy Order or Individual Voluntary Arrangement (IVA).
- You have a mortgage balance that is more than £1,000.
- You have more than two years remaining on your mortgage term.
- You don’t have any arrears on your mortgage.
When considering taking a product switch with your current lender you should review your situation and the products of other potential lenders. For example, staying with the current lender may not be suitable to your situation or another lender is offering a cheaper rate over your mortgage term.
An independent mortgage advisor can advise you on all products available in the market and find the most suitable mortgage product for you.
How long does it take to get an offer with The Mortgage Works?
The Mortgage Works’ average time from application to offer is around four weeks. However, this duration may be longer depending on TMWs current service levels and the complexity of the application.
The Mortgage Works declined to give me a mortgage; what do I do now?
If you’ve been declined a mortgage from The Mortgage Works via a mortgage advisor you should investigate the reason why and discuss this with your current advisor.
It may be that TMW is not the most suitable lender for you and another lender would be willing to lend. A new expert mortgage advisor will be able review your situation and recommend a new lender.
TMW could decline a mortgage application due to, adverse credit such as defaults, CCJs or IVAs. It may be that your credit score is low, or it could be that the security (property to be mortgaged) doesn’t fit within their acceptable criteria.
If you would like to check your credit profile, you can utilise Check My File which is a detailed credit report that also offers a free trial.
Conclusion
The Mortgage Works (TMW) is a lender that offers buy to let mortgages to mortgage advisors only.
They have a range of products designed to help new and existing landlords, including portfolio landlords and limited companies.
They aim to be competitive in the market and offer products with features such as cashback, free valuation and free legal service.
TMW’s average time from application to offer is generally around four weeks. However, this duration may be longer depending on TMWs current service levels and the complexity of the application.
If you’ve been declined a mortgage from The Mortgage Works, it may be that TMW is not the most suitable lender for you and another lender would be willing to lend.
If you would like to speak to a mortgage advisor to review your situation, please complete the contact form below, and I NEED ADVICE will find you with a mortgage advisor who can review the whole market and recommend the right mortgage for you.
Please note, although the information on this page is correct at the time of writing, lenders change their policy on a regular basis so please use it as a guide only.
To find out up to date information about lenders and mortgage advice in general, contact a qualified mortgage adviser.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
