The Mortgage Works is making further enhancements in a bid to attract landlords who want to grow portfolios.

The lender is also increasing the maximum loan per property to £2m for buy to let and limited company applications (from £1.5m previously) and £1m for let to buy (from £500,000 previously).

Maximum overall borrowing is also increasing to £7.5m as part of The Mortgage Works’s ambition to support landlords with larger portfolios.

As part of the affordability assessment for portfolio applications, The Mortgage Works will assess properties within a landlord’s existing portfolio to ensure the ICR and Loan-to-Value (LTV) are sustainable.

The lender will now be splitting the current background ICR policy of 145% and will apply 125% to any properties in the portfolio owned within a Limited Company structure. 

For properties personally owned, the ICR policy will remain at 145%. 

The stress rate of 4.75% and maximum aggregate LTV of 75% that also apply in the aggregate portfolio policy will remain unchanged.

A spokesperson says: “As one of the country’s largest buy-to-let providers, it’s important we support landlords across their entire portfolio, and these enhancements will enable us to do just that.”