Mortgage News
'The Mortgage Works changes lending criteria'
June 2006
Mortgage provider The Mortgage Works has made 'significant' alterations to its lending criteria for buy-to-let customers.
The amendments, which came into effect on Saturday June 3rd 2006, have been described as 'fantastic' by the company .
Changes include 100 per cent rental cover on all three and five-year fixed mortgage products, the launch of a new tracker mortgage and new buy-to-let mortgages available to 90 per cent loan-to-value .
Andrew Montlake, from Cobalt Capital, said: 'The Mortgage Works have come up trumps with an exciting change in criteria that will appeal especially to brokers like ourselves who specialise in the buy-to-let market .
'It is good to see a lender who has really understood the requirements of brokers and landlords alike. The change in the loan-to-value bandings together with a more realistic rental calculation will assist everyone and should help cement The Mortgage Works as one of the leading buy-to-let providers .'
CreditExpert, the credit monitoring service from Experian has recently advised buy-to-let landlord and mortgage holders to be careful of identity theft .
The company has warned that around 50 per cent of victims who knew the perpetrators were landlords.
Source: Mortgages.co.uk
Stay up to date with our mortgage news, we source our mortgage news directly from large mortgage companies based around the UK.
© 2008 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
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