“Providing BTL mortgages on A-C rated properties at higher LTVs is a prudent step and follows on from the recent launch of our first ever Green deal”
The Mortgage Works, the buy-to-let lending arm of Nationwide, is returning to lending at 80% on its buy-to-let, let-to-buy, large portfolio and limited company range of mortgages after withdrawing from the market at the height of the pandemic.
TMW’s range of 80% LTV products will be available where a property has an EPC rating of C or above.
The Department of Business, Energy and Industrial Strategy (BEIS) is leading the ‘Improving the energy performance of privately rented homes’ consultation which is currently looking to increase the EPC requirement to a C rating for all tenancies by 2028.
The new rates at 80% LTV include a two-year fixed rate at 2.49% and a five-year fix at 2.99%, both with a 2% fee.
Both products are available for purchase and remortgage with other rate/fee combinations also available.
Limited company rates start from 2.79% for a two-year fix and 3.49% for a five-year fix with a 2% product fee.
TMW is also reintroducing a range of buy-to-let mortgages with no product fees. The new remortgage rates start from 1.99% at 65% LTV with free valuations and standard legals.
Earlier this year, TMW launched its Green Further Advance to help landlords fund improvements to their properties to help increase their energy efficiency.
Daniel Clinton, head of The Mortgage Works, said: “The Mortgage Works is one of the UK’s largest buy-to-let lenders and we always look to offer a wide range of mortgages for landlords. We are pleased to return to lending at 80% loan to value, giving further options for those with a smaller deposit.
“Buildings are the second largest source of emissions in the UK and we want to continue to do our bit to help tackle climate change. With impending regulation on the horizon affecting minimum EPC standards across the PRS, we are taking pro-active measures through our lending proposition to support the transition. Providing BTL mortgages on A-C rated properties at higher LTVs is a prudent step and follows on from the recent launch of our first ever Green deal for existing customers seeking to make energy improvements.”
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