The Mortgage Works will be making a number of process and criteria changes with effect from Monday 1 December 2008 to continue providing the most efficient service possible.
Key Highlights of Changes
We've provided you with the full detail of the changes below. However, these are the key changes that may affect you and your clients.
General:
Paper applications will no longer be accepted direct, though you can continue to submit paper applications to AToM.
We can no longer accept guarantors or expatriates.
Buy to Let:
The aggregation of LTV and rental income for landlords with a portfolio of properties will no longer be available. From 1 December 2008, all new buy to let applications must be submitted on the basis of a single account for each buy to let property. Again, some exceptions do apply which can be found below.
Applications where there are more than two applicants will no longer be accepted. This does not affect limited companies.
These changes have been made to ensure we can continue providing you with the high levels of service you expect from us.
Applications on criteria to be withdrawn
If you have any existing cases which are affected by these changes, please ensure that Paper applications must be received at AToMs' offices by 5pm THURSDAY 27th November
Paper Applications:
New business applications from third party packagers (AToM).
New business applications where the applicant is a foreign national.
New business applications where the applicant is a limited company. Limited company applications will no longer be accepted via TMW Online.
Existing customers' further advances, including adding properties to an existing portfolio.
Substitution of properties within an existing portfolio.
Product switches for existing customers.
Porting for existing customers.
Transfers of equity for existing customers.
Exceptions to the withdrawal of TMW's portfolio proposition
Applications will continue to be processed on portfolio accounts, where a landlord may have multiple properties within a single account, in the following circumstances:
New portfolio accounts may be created where the applicant is a limited company provided that each property is self supporting for both LTV and rental cover.
Existing customers with a portfolio account can still add properties to their portfolio provided that each new property is self supporting for both LTV and rental cover.
Further advances against existing portfolio accounts are acceptable, subject to new business criteria, i.e. max 70% LTV and min 125% rental cover across the portfolio after the further advance has been added to the mortgage.
Criteria changes
The following criteria changes will apply with effect from 1 December 2008:
Applications with more than two applicants will no longer be accepted (Limited companies unaffected).
Guarantors and expatriates will no longer be accepted.
Properties where a semi-commercial valuation is required will no longer be accepted.
HMOs will be acceptable provided the property:
- Is not occupied by 5 or more people, comprising 3 or more households (being unrelated persons).
- Is not subject to HMO licensing.
- Contains no more than four habitable storeys and no more than one kitchen.
N.B. Rental cover will be assessed based on rental value as a single family dwelling.
Multiple self-contained units under a single property title are not accepted.
Exposure limits
When assessing applications, the Mortgage Works will consider its overall exposure by applicant, geographical area and development.
The maximum number of securities that can be considered per development are:
- 1 - 3 units: 1 unit
- 4 - 50 units: 25%, rounded down to the nearest unit
- 51 – 80 units: 12 units
- More than 80 units: 15%, rounded down to the nearest unit
Property development
· Applications from property developers (a person who owns 25% or more of a business whose principal activity is property development) are not accepted for buy to let or owner-occupied mortgages.
Policy Reminder
Please remember that we are unable to accept challenges on valuation reports and the figures therein.
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