As a result of your feedback, we’ve removed our £150 application fee for all new applications.
Case tracking with TMW Online.
TMW Online is the quickest and easiest way to get updates on your applications. Within TMW Online, by clicking ‘My cases’ and then ‘Case tracking’, you can:
- View case requirements and valuation events
- Upload documents using scan and attach
- Download case documents
- Set how often you receive case alerts
TMW Online
PRA changes are coming
PRA portfolio landlord changes come into effect from Saturday 30 September. And next week, we’ll be confirming the full details of our approach.
NEW fixed rates at 50% LTV
Limited edition products
– To support your remortgage clients, we’ve recently introduced 2 and 5 year fixed rates at 50% LTV.
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Our improved application process
Following our change to the way we assess mortgage applications, we’ve successfully improved:
- Our application to offer timescales
- The number of documents accepted first time
- Overall broker satisfaction*.
Our new case ownership approach is how our Buy to Let and dedicated portfolio underwriting teams ensure applications are processed in the most effective way.
*Independent broker satisfaction surveys
Our Q2 Buy to Let Barometer is available to download
Our Q2 Buy to Let Barometer showcases the latest results from BDRC Continental’s Landlord Panel research.
Credit reports – What do we need?
Tip – Sometimes we’ll ask to see your client’s credit report. If we do need to see a copy, please send us one using Equifax or Callcredit, as we can’t accept Experian credit reports.
Confirming our full portfolio landlord policy
We’re just letting you know that we’re updating our systems this weekend to support the Prudential Regulation Authority’s (PRA) changes to portfolio landlord underwriting standards that are coming into effect later this week. Where possible, we’ve streamlined these regulatory changes into our existing application processes, and with few changes to our criteria, it’ll continue to be a simple and straightforward process.
Policy update
For full details of our policy, you can find more information on our dedicated portfolio landlord webpage.
And further to announcing our commitment to portfolio landlords in June, we’re now able to confirm the following additional detail:
– As well as our rental calculation for new applications, we’ll also assess existing properties in a portfolio to ensure they’re sustainable:
- A minimum aggregate ICR of 145% will apply with a stress rate of 4.50% for up to 10 mortgaged Buy to Let properties (or 5.50% for over 10 mortgaged Buy to Let properties, or where total Buy to Let borrowing with the Nationwide Group is greater than £1,000,000).
– Like-for-like remortgage applications for landlords with fewer than 7 properties in their portfolio won’t be subject to portfolio landlord criteria.
-Portfolio landlords will need to have 2 years’ letting experience.
Visit our webpage for full details on our portfolio landlord policy
