The Mortgage Works (TMW) is extending the period of time a remortgage offer is valid, from three to six months.
Currently TMW mortgage offers have different validity periods that differ according to the type of product. For purchase and let to buy applications, the validity period is six months, whilst remortgage offers and those for further advances are three months.
Now remortgage offers will remain valid for six months, matching purchase and let to buy applications. With both product ranges having the same offer validity period, this will further support those landlords looking to complete a simultaneous remortgage and onward purchase. A further alignment of the further advance to six months will follow at a later date.
Paul Wootton, TMW’s director of specialist lending, said: “We listen to landlords and their challenges in growing portfolios and the extension of TMW’s remortgage offer period acknowledges one of the many pressures that a landlord can face. This change in policy, along with recent improvements to our product offering, further illustrates TMW’s continued commitment to brokers and landlords.”