News

From today The Mortgage Works (TMW) will be changing its mortgage criteria for incorporated landlords.  

It will accept Limited Company purchase applications to use as a buy to let where the company is purchasing a property that is currently owned and lived in by one of its directors. 

• Nationwide’s Spending Report shows essential costs fell 4% in March despite overall spending remaining flat
• But increase offset by 4% rise in non-essential spending, from gardening and eating out to holidays
• Warmer weather, combined with stabilising costs, likely contributed to respective rise and fall in spend
• Despite some optimism, costs still higher across essential areas such as supermarkets, rent and mortgages

• Nationwide poll reveals 84% agree cost-of-living has impacted purchase of first property 
• Deposit and ability to afford mortgage payments act as major hurdles, with more than half willing to relocate to afford a home 
• Nationwide offers a range of options and support to help people into their first home 
• Britain’s biggest building society calls on government to boost homeownership as it prepares to publish Housing White Paper alongside Building Societies Association 

The Mortgage Works (TMW) will be reducing rates on selected buy-to-let and limited company products by up to 0.40 percentage points. The new rates will be effective from Tuesday 26 March.

• Deal to deliver greater value to Nationwide members and access to wider range of services over time.
• Branch Promise extended by two years.

Nationwide Building Society is today (19 March 2024) launching new issues of its Fixed Rate ISAs.

• Website translation service comes as Sign Language Week begins in the UK
• Enhances support Nationwide offers Deaf customers in branch and contact centres
• Just 6% of financial services firms¹ offer websites in British Sign Language (BSL)
• Deaf charities call for greater awareness of BSL as a recognised UK language
• BSL is the primary language of 87,000 of UK’s Deaf population

The Mortgage Works is tomorrow (Tuesday 5 March) reducing its Interest cover ratios (ICR):

• For higher rate taxpayers, the ICR reduces from 165% to 160%
• For Limited Company and lower rate taxpayers, the ICR reduces from 130% to 125%

• Asks include a market-wide review, reintroduction of Help to Buy ISA, stamp duty reform and an increase in higher loan to income lending