Compare Mortgage Rates from The Mortgage Works Against the Market

Compare The Mortgage Works rates online

The Mortgage Works is a part of Nationwide Building Society and provides their buy-to-let mortgages. They have been specialising in this area since 1988, and have won awards for the products and services they offer to buy-to-let investors and portfolio landlords.

You can compare the latest rates from this lender against more than 90 others by using our free mortgage sourcing tool below:

What type of buy-to-let mortgages do they offer?

The Mortgage Works offer a range of buy-to-let mortgages for the following:

• First-time landlords
• Portfolio landlords
• Self-employed landlords
• Limited companies
• HMO investors
• Landlords who are remortgaging

The Nationwide subsidiary has exclusive products for existing customers, including those seeking green additional borrowing, and let-to-buy agreements. Their mortgage range includes 1, 2, 3, 5 and 10-year fixed-rate deals, as well as tracker-rate mortgages.

Lending criteria

The eligibility requirements for a buy-to-let mortgage at The Mortgage Works is as follows:

• Deposit requirements: Start at 20% of the property’s value or 25% if it has an Energy Performance Certificate rating of D or E.
• Age: The maximum age upon application is 70 years old, but there is no upper age limited for experienced landlords with at least 35% deposit.
• Landlord experience: There is no minimum amount of experience needed as The Mortgage Works will lend to first-time landlords. They will only lend to first-time buyers if they are applying with someone who has owned a home for six months.
• Credit history: Bad credit mortgages are available under some circumstances, but serious issues like bankruptcies and repossessions need to be fully discharged.
• Portfolio size: Borrowers can have up to 10 mortgaged properties on completion.
• Loan sizes: The minimum amount they will consider letting you borrow is £25,001, or £2,500 for additional borrowing applications. The maximum is £1.5 million.

What interest rates are available?

The interest rate The Mortgage Works will offer will depend on a range of factors, including the loan-to-value (LTV) ratio, the overall strength of your application and the type of product you choose. Their deals are generally competitive with other specialist buy-to-let lenders.

How The Mortgage Works calculates affordability

The maximum you can borrow is based on the property’s rental potential. Basic rate taxpayers and limited companies will need an interest cover ratio of 130%, while higher rate taxpayers will need it to be 165%. HMO properties must be 175% regardless of tax status.

Is The Mortgage Works a good lender?

They currently hold an average rating of 4/5 on TrustPilot, based on feedback from more than 900 customers. In addition, the Nationwide subsidiary was named as ‘Best Buy to Let Mortgage Lender’ at the 2023/24 edition of Your Mortgage Awards.

Pros and Cons

The table below highlights some of the advantages and disadvantages of The Mortgage Works as a lender to give you an idea of whether they are the right option for you:

Get independent advice about The Mortgage Works mortgages

There are brokers on our team who have a working relationship with The Mortgage Works. They know their product range well and can compare them with every competitor across the market on your behalf to help you decide whether they are the perfect fit for you.

Here are just some of the reasons you should use us for your mortgage comparison needs:

• Our mortgage brokers are whole-of-market
• They often have access to exclusive rates and deals
• We are 5-star rated on leading review websites
• Your first consultation is FREE

Ready to see how The Mortgage Work's latest rates compare to deals from across the and speak to one of our brokers about their products? Get started here.