The Mortgage Works boosts support for limited company landlords

The Mortgage Works has boosted its support for limited company landlords by removing the need for all mortgage applicants to be directors.

This means that The Mortgage Works now accepts applications where one applicant is only a shareholder, who owns at least 20 per cent of the shares in the company.

The change follows the demand The Mortgage Works has seen from landlords as well as feedback from brokers.

This is yet another step that The Mortgage Works has taken to further enhance its limited company offering. It comes after it started to accept intercompany loans as a deposit option for buy-to-let mortgage applications from limited company landlords.

Damian Thompson, Director of Landlord at The Mortgage Works, said: “We are making this change to address the ever-evolving needs of limited company landlords and their requirements on company structures. The Mortgage Works has been supporting the limited company buy-to-let market since 2018, and this latest enhancement is another example of our continued commitment to the market. It’s also a perfect demonstration of how we continue to listen to and act on feedback we receive from both landlords and brokers.”

Jessica Folkes, Head of Mortgage Sales at Dynamo, said: “This is a great development, which further strengthens The Mortgage Works’ already strong proposition. Limited company landlords continue to expand their presence in the buy-to-let sector and it’s great to see lenders supporting landlords and refining their criteria to meet evolving needs.”