Buying a Home
Remortgaging
Landlord
Specialist
Secured Loans
Debt Consolidation
Conveyancing
Finding a Solicitor
Mortgage lender reviews
The Mortgage Works is a specialist buy-to-let lender owned by Nationwide Building Society. Here's what to know about eligibility, fees and how it compares to other lenders before you apply.
The Mortgage Works (TMW) is generally a strong option for landlords who want a specialist buy-to-let lender, particularly those building a portfolio or borrowing through a limited company. It's a wholly owned subsidiary of Nationwide Building Society and has offered buy-to-let mortgages since 1988.
The main drawback is the fee structure. Many products charge a percentage-based arrangement fee rather than a flat fee, which can add up on larger loans. First-time landlords also face stricter criteria and usually need to apply alongside an experienced landlord or homeowner.
Whether The Mortgage Works suits you depends on your circumstances, loan size and how you plan to hold the property. Speak to a mortgage advisor to compare their products against other specialist lenders.
The Mortgage Works (TMW) is one of the UK's largest specialist buy-to-let lenders, backed by Nationwide Building Society. They've financed rental properties since 1988, making them one of the most established names in the market.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Below is a summary of who The Mortgage Works suits and where they fall short, before we go into detail on rates, eligibility and the application process.
Overall, The Mortgage Works is a solid choice for experienced landlords, especially those operating through limited companies or building larger portfolios. Their backing by Nationwide provides stability, and their product range covers most landlord situations. That said, percentage-based arrangement fees mean total costs can add up quickly on larger loans, so it's worth comparing against flat-fee alternatives.
The Mortgage Works (UK) plc is a specialist buy-to-let mortgage lender and a wholly owned subsidiary of Nationwide Building Society. They've provided buy-to-let mortgages since 1988, making them one of the longest-established names in the UK buy-to-let market.
Unlike high-street banks that offer buy-to-let as one product among many, The Mortgage Works focuses exclusively on landlord lending. This specialist focus means they're familiar with the details of property investment, from rental yield calculations to limited company structures.
TMW is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Their head office is in Swindon, alongside their parent company, Nationwide.
Being part of Nationwide, one of the UK's largest building societies, gives TMW significant financial stability. This backing became especially relevant following Nationwide's acquisition of Virgin Money UK, which extended the wider group's reach across the UK.
TMW offers mortgages for:
It's worth noting that you can't apply directly to The Mortgage Works. All applications must go through a mortgage broker or intermediary. This is standard practice for many specialist buy-to-let lenders, and working with a broker can help match you to the right product for your circumstances.
Before looking at The Mortgage Works specifically, it helps to understand what buy-to-let mortgages are and how they differ from standard residential mortgages.
A buy-to-let mortgage is designed for properties you're purchasing as an investment to rent out to tenants. You won't live in the property yourself. Instead, you'll collect rent from tenants, which typically covers the mortgage payments and ideally provides additional income.
When you apply for a buy-to-let mortgage, the lender focuses primarily on the property's rental income rather than your personal salary. This is calculated using something called the Interest Coverage Ratio (ICR).
The ICR is a safety margin that ensures the rent covers the mortgage interest with room to spare. Most lenders, including The Mortgage Works, require the rent to cover 125-145% of the monthly mortgage interest payment.
The Mortgage Works uses different ICR requirements depending on your tax status:
This distinction matters because it affects how much you can borrow. Lower rate taxpayers can sometimes qualify for larger loans on the same property because of the reduced rental coverage requirement. Speak to a mortgage advisor to work out how this applies to your circumstances.
TMW offers a range of buy-to-let mortgage products across different fixed periods and fee structures. Rates and product availability change regularly, so it's worth speaking to a mortgage advisor for current options rather than relying on published figures, which can go out of date quickly.
The Mortgage Works uses a percentage-based arrangement fee structure for many products, often around 3% of the loan amount. This differs from many lenders who charge flat fees, typically in the £999-£1,995 range.
For smaller loans, TMW's percentage fees are broadly comparable to the market. For larger loans, though, they can become significantly more expensive than competitors offering flat-fee alternatives.
TMW also offers fee-free products with a higher interest rate. In some cases, these work out cheaper overall, especially over shorter terms where you'll remortgage again relatively soon. An advisor can help you work out which structure suits your plans.
Many TMW products include:
Like most fixed-rate mortgages, TMW products carry early repayment charges if you pay off the mortgage before the fixed period ends. These typically step down over time, for example from around 5% of the balance in the earlier years to 1% by the final year of a five-year fix.
These charges only apply during the fixed period. Once your deal ends, you can remortgage or repay without penalty.
Fee-free products aren't automatically the cheaper option, and neither are the lowest headline rates. On larger loans, a 3% arrangement fee can outweigh the saving from a slightly lower rate. Always ask your advisor to compare the total cost over your expected term, not just the headline figures.
The amount you can borrow depends on several factors: the property value, the rental income it generates, your tax status, and whether you're borrowing personally or through a limited company.
This means for a property worth £300,000 with an EPC rating of C, the maximum loan is £240,000 (80% LTV), so the minimum deposit is £60,000.
For the same property with an EPC rating of D, the maximum loan is £225,000 (75% LTV), so the minimum deposit rises to £75,000.
TMW offers terms up to 35 years. The maximum term available to you will depend on your age at application and the type of product.
Your maximum loan is primarily determined by the property's expected rental income. The valuer assesses the likely rental value, and the lender then calculates how much they'll lend based on their ICR requirements (covered above).
Because lower rate taxpayers face a reduced rental coverage requirement, they can sometimes borrow more against the same property than a higher rate taxpayer would. Ask your advisor to run the calculation for your specific property and tax position.
Understanding whether you qualify before applying saves time and protects your credit score. Here's what TMW looks for.
Here's something that surprises many landlords: The Mortgage Works has no minimum personal income requirement. This makes them accessible for retirees or those with irregular income.
Your borrowing is primarily based on rental income, not salary. However, TMW may still request income proof to verify the application's sustainability, especially for first-time landlords, portfolio landlords, and applications where affordability is tight.
The Mortgage Works has specific criteria around credit history. You can't apply if you're currently bankrupt or have been in the last 4 years, or if you've had a property repossessed in the last 6 years.
TMW may still consider applications with satisfied defaults, depending on their age and amount, or other previous credit issues, subject to underwriting. There's no publicly stated minimum credit score, but applicants with clean credit histories will have access to the full product range.
If you're worried about your credit history or existing debts, you can get free, independent guidance from MoneyHelper at moneyhelper.org.uk or by calling 0800 138 7777.
Not every property qualifies for a TMW mortgage.
Acceptable: standard houses and flats, HMOs with up to 5 lettable rooms, new build properties (subject to criteria), ex-local authority properties, and properties with EPC ratings A to E.
The property must have: a minimum floor area of 30 square metres, a separate bathroom, a minimum lease term of 70 years or more (125 years for new build flats, 250 years for new build houses), and be in lettable condition, with no family member living there.
Not accepted: properties you plan to live in yourself, properties with EPC ratings of F or G, properties requiring significant structural work, and generally, flying freehold properties.
TMW only accepts UK residents. If you've had an address abroad in the last three years, additional restrictions may apply. BFPO addresses may be considered on a case-by-case basis.
If you're a first-time landlord applying alone, ask your advisor about lenders with more flexible first-time landlord criteria before ruling anything in or out. Applying alongside an experienced landlord or homeowner opens up more of TMW's product range.
Many landlords now purchase through limited companies for tax efficiency. The Mortgage Works offers dedicated products for this growing market.
Since the phased reduction in mortgage interest tax relief for individual landlords, many property investors have switched to Special Purpose Vehicle (SPV) limited companies. Within a company structure, mortgage interest remains fully deductible against rental income.
To qualify for a limited company mortgage with TMW, the company structure must be:
Ownership requirements:
What's not accepted: trading companies, layered ownership structures (companies owned by other companies), partnerships or LLPs, and trust structures.
Limited company rates are typically higher than personal name equivalents. This premium exists across the market, but TMW is recognised as one of the leading limited company buy-to-let lenders.
The application process
Find a broker
TMW only accepts applications through mortgage brokers. Your broker will assess your circumstances and goals, recommend suitable products from TMW's range, and compare them with alternatives from other lenders.
Initial application
Your broker submits an application covering personal details, property information, expected rental income, deposit source and basic income and employment information. TMW runs a soft credit search at this stage, which doesn't affect your credit score.
Valuation
TMW instructs a valuation of the property to assess its market value, expected rental income, condition, and HMO licensing compliance where relevant. Many TMW products include a free valuation.
Underwriting
The underwriting team reviews your complete application, checking affordability, credit history, deposit verification and any specific criteria for your applicant type. Straightforward cases are typically offered within 2-3 weeks; complex cases can take longer.
Mortgage offer
Once approved, you'll receive a formal mortgage offer valid for a set period, usually 6 months. This goes to you, your broker and your solicitor.
Legal work and completion
Your solicitor handles title searches, property checks, lease review for flats, and fund transfer arrangements. Many TMW products include free standard legal fees when using their panel solicitors for remortgages.
The exact timeline depends on your circumstances and how quickly you provide documentation, but here's what to expect for a straightforward case.
Understanding the full cost of a mortgage helps you compare fairly between lenders. Here's what to budget for with The Mortgage Works.
You can usually choose to pay the arrangement fee upfront or add it to the loan. Adding it to the loan means you'll pay interest on the fee over the mortgage term, so it costs more in total than paying it upfront if you can afford to.
Most TMW products include a free valuation. Where a valuation fee applies, it varies by property value, typically in the £150-£500 range for standard residential properties, more for higher values or complex cases.
TMW offers free standard legal fees on selected remortgage products when using their panel solicitors. For purchases, you'll pay your own solicitor's fees, typically £500-£1,500.
During the fixed period, early repayment charges typically step down each year, starting higher on 2-year fixes and reducing over the term of 5-year fixes. After the fixed period ends, there are no early repayment charges.
When comparing total cost between a fee-paying and a fee-free product, look beyond the headline rate. A lower rate with a large percentage fee can sometimes cost more overall than a fee-free product with a slightly higher rate, particularly over shorter terms. Ask your advisor to compare total cost over your expected term, not just the fee or the rate in isolation.
Advantages
Every lender has strengths and weaknesses. We've covered the standout advantages above; here are the areas where The Mortgage Works falls short.
TMW operates in a competitive buy-to-let market. Here's how they stack up against three types of alternative.
BM Solutions (part of Lloyds Banking Group) is TMW's closest competitor, especially for limited company lending.
Choose TMW if: you want a higher maximum LTV (80% vs 75%), or have a property with a good EPC rating.
Choose BM Solutions if: you prefer a fixed-fee structure on larger loans, or value their product transfer options.
Paragon specialises in complex landlord scenarios.
Choose TMW if: you have straightforward circumstances and want a competitive product range.
Choose Paragon if: you have larger HMOs, complex portfolios, or credit challenges.
Banks such as NatWest, HSBC and Barclays also offer buy-to-let mortgages.
Choose TMW if: you're a portfolio landlord, want limited company borrowing, or need a buy-to-let specialist.
Choose a high-street bank if: you value an existing banking relationship, want everything in one place, or have very straightforward needs.
Compare your options
An advisor can compare The Mortgage Works against other specialist buy-to-let lenders and match you to the right product for your circumstances.
The Mortgage Works scores well on customer review platforms, though experiences vary.
The Mortgage Works holds a rating of 4.4 out of 5 from over 2,200 reviews on Trustpilot. The majority of reviews are positive, with customers praising individual staff members, clear explanations of the mortgage process, professional and efficient service, and good online account management tools.
The Mortgage Works won "Best Buy-to-Let Mortgage Lender" at the 2023/24 Your Mortgage Awards, reflecting industry recognition of their product range and service.
Based on their criteria, product range and strengths, The Mortgage Works suits some landlords more than others.
Compare The Mortgage Works against other specialist lenders
Common questions
Yes. The Mortgage Works (UK) plc is authorised and regulated by the Financial Conduct Authority and is a wholly owned subsidiary of Nationwide Building Society. They've provided buy-to-let mortgages since 1988.
No. All TMW applications must go through a mortgage broker or intermediary. This is standard for specialist buy-to-let lenders and means you'll get professional advice on which product suits you.
Yes, but with conditions. First-time landlords typically need to apply alongside a current homeowner or experienced landlord, and may need to show they can support the mortgage from their own income if needed.
TMW doesn't publish a minimum credit score. They assess applications individually, but you can't apply if you've been bankrupt in the last 4 years or had a property repossessed in the last 6 years.
Straightforward applications typically complete in 4 to 6 weeks. Complex cases, such as portfolio landlords, limited companies or unusual properties, may take longer. The valuation usually happens within 1 to 2 weeks of application.
Generally, yes. Their product range is among the most competitive in the buy-to-let market, especially for limited company lending. However, the percentage-based arrangement fees mean total costs can be higher than competitors on larger loans.
Yes. Most TMW products let you add the arrangement fee to the loan amount. Be aware that you'll pay interest on this fee over the mortgage term, increasing the total cost.
Yes. Some products have no arrangement fee but carry a higher interest rate. Depending on your loan size and expected term, these can work out cheaper overall.
20% for properties with an EPC rating of C or above, or 25% for properties with an EPC rating of D or E.
Yes. There's no limit on the number of mortgaged buy-to-let properties you can own. Landlords with 11 or more properties may need to provide a business plan and additional documentation.
Yes. TMW is a leading lender for limited company (SPV) buy-to-let mortgages. The company must be set up solely for property investment with an acceptable SIC code.
Most standard houses and flats, HMOs with up to 5 lettable rooms, and new builds subject to criteria. Properties need a minimum 30 square metre floor area, a separate bathroom, and at least 70 years remaining on the lease.
Yes. TMW accepts Houses in Multiple Occupation with up to 5 lettable rooms, subject to meeting local licensing requirements and valuer approval.
Yes. You can overpay up to 10% of the original loan balance per year without early repayment charges. This allowance resets each year from your completion anniversary.
You'll move to TMW's Standard Variable Rate unless you switch to a new deal. TMW contacts existing customers before their deal ends to discuss switching options, and it's worth speaking to an advisor in good time to compare alternatives.
Yes. Existing customers can switch to new deals through TMW's online switching service, often without a new valuation or additional checks.
What our clients say
Shortly after I spoke with Anna, she was also very helpful and made it effortless and a nice experience.
Had a really good experience regarding arranging a secured loan. They introduced me to a great advisor. Thanks for the help.
For once a loan transaction without stress and complications. Very impressed and highly recommended.
Thrilled to share my exceptional experience with Money Saving Advisors. The website made it incredibly simple and easy to connect with an advisor. They helped me find the best deal on my remortgage and secured a very competitive interest rate!
Great advice and money saved on mortgage.
I have previously declined a loan of the value I needed from various brokers, but this website found me a reputable broker with surprisingly decent rates.
Mortgages
Compare mortgage rates from a wide range of lenders. Our expert advisors are here to help you find the right deal.
