The mortgage works(A review)
In this brief guide, we are going to talk about the mortgage works, who they are, the mortgage products they offer, their lending criteria and how you can get a mortgage product from them.
Who are the mortgage works?
The Mortgage Works (TMW) is a subsidiary of Nationwide Building Society and have been providing mortgage products for over 30 years. You won’t be able to get a mortgage from the mortgage works by going to them directly but you will be able to get their mortgage products through mortgage brokers.
The mortgage works won the Financial Adviser Service Awards in 2018 and were awarded 5 stars.
The mortgage works pride themselves on being able to support and offer their mortgage guidance services to intermediaries who are looking for information about them such as their mortgage lending criteria, assistance with underwriting their mortgage products or just general questions about client eligibility.
The mortgage works offers buy to let products so as expected it deals with mostly buy to let mortgage brokers seeking help with their products.
Their products are competitively priced with clear lending criteria.
The mortgage works has a network of field and telephone-based Business Development Managers who are on hand to answer any queries you may have.
There are also regional Business Development Advisers who focus on assisting the mortgage brokers within their region to achieve their business goals.
If you want to submit mortgage applications to the mortgage works you will need to first register with them. They will carry out all the necessary checks to ensure you are authorised to provide mortgage advice and then confirm to you in writing if you have been accepted or not.
As with all mortgage lenders in the UK, the FCA expects the mortgage works to treat customers fairly and it strives to do this in its day to day practice.
Does the mortgage works do residential mortgages?
No, the mortgage works do not offer residential mortgages. They only offer buy to let mortgages. For residential mortgages, visit the Nationwide for Intermediaries (NFI) website.
The Mortgage Works offers a range of Buy to Let products including Let to Buy and Houses in Multiple Occupations (HMO).
These products are available to both new and existing customers who meet the lending criteria.
You could be a:
You can use the product finder to locate mortgage products.
There are also a catalogue of mortgage calculators which you can use to see if your client will pass the mortgage affordability tests.
The mortgage works Lending criteria
The main points from the mortgage works lending criteria are:
Min term: 5 years – Max term: 35 years.
Minimum Age for all mortgage applicants is 21 years of age
First Time Landlord applications – maximum age 70 years of age
The mortgage offer is valid for6 months from the date of offer
You can only repay 10% of the mortgage balance in a 12 month period
A mortgage can only be taken out for the below purposes:
“Purchase or remortgage in England, Wales and mainland Scotland
Remortgages acceptable after the property has been owned for a minimum of six months
Raising capital for non-business purposes including for deposit/purchase of a Buy to Let property, will be considered
Raising capital for non-structural home improvements will be considered
Remortgage with no capital raising may require proof of the current mortgage balance e.g. the last mortgage or redemption statement”
You can find more detailed information on their lending criteria guide here.
Business development managers
The business development managers can assist you with product updates, lending criteria inquiries or assistance with mortgage applications.
You can find the business development manager for your region here by inputting your FCA number and postcode.
There is also a dedicated broker support map here where you will find contacts who can assist you with any inquiries you may have.
How to contact the Mortgage works
You can contact the mortgage works via email at TMwemail@example.com or via phone on 08000 30 40 40. They are available from 9am-6pm, Monday-Friday (except bank holidays).
You can also use broker chat which allows you to get support via a web chat.
You can find more information about the mortgage works on its website.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.