The Mortgage Works (TMW) has temporarily withdrawn its high loan-to-value (LTV) buy-to-let mortgage products.
The specialist buy-to-let arm of Nationwide Building Society has pulled sales of mortgages above 75% LTV.
The decision has been taken to ensure that both the Society and TMW can focus its efforts on supporting existing mortgage members and customers, whilst also continuing to process ongoing applications as much as possible. Existing applications, where a product has already been reserved, will continue to progress.
The Society will continue to offer mortgages at 75% LTV and below. While face-to-face meetings are currently not taking place due to coronavirus, applications and appointments are still able to be held over telephone and Nationwide Now – the Society’s high-definition video service in branch.
This latest announcement follows on from Nationwide and TMW introducing enhanced measures to support existing mortgage applications. These include three-month mortgage offer extensions when the existing offer is within 30 days of expiry as well as alternative valuation methods, such as automated valuation model (AVM).
Sara Bennison, head of Nationwide’s products and propositions, commented: “As the UK’s second largest mortgage lender, and as a member-owned organisation, we need to maintain the levels of service expected of us in the face of an extremely high number of enquiries about existing mortgages and ongoing applications.
“That is why we have taken this decision on a temporary basis although, by continuing to offer home loans up to 75% loan-to-value, we can continue supporting the housing market.
“We continue to monitor for any updates to government advice and, in this ever-evolving situation, we ask members and brokers to bear with us and thank them for their patience.”