Landlords who apply for a buy-to-let loan with The Mortgage Works (TMW) will now only be left with a soft footprint on their credit file.
A hard footprint will only be left on the credit file once a full application is submitted.
TMW added that it’s improved its current Decision in Principle process by opening it up to limit company applications.
Dan Clinton, head of buy to let mortgages at The Mortgage Works, said: “As one of the country’s leading buy-to-let lenders, we always aim to make the application process as smooth and quick as possible to support brokers and their landlord clients.
“The changes we’re announcing today are based on feedback we’ve been getting from brokers in recent months.
“And, continuing our longstanding support for the limited company market, we’re also making enhancements to our limited company application process to ensure The Mortgage Works remains front of mind for those landlords.”
TMW said the Decision in Principle process is being sped up generally.
The lender has widened its limited company shareholder policy by allowing minority shareholders with a holding of 20% or less.
A limited company can have up to four minority shareholders (with a maximum combined holding of 25%), and they do not need to be part of the mortgage and won’t be credit assessed or required to sign a personal guarantee.
