Borrow more

You could borrow up to 80% of the value of your property

If you already have a Buy to Let mortgage with The Mortgage Works and want to borrow more, you could borrow up to 80% of the value of your property (including your current mortgage), for any reason except to raise money for business purposes.

What you can use the money for

  • Home improvements (to the security address or another property)
  • Debt consolidation*
  • Purchase of new property
  • Purchase of land
  • Transfer of equity

*Borrowing more for debt consolidation is only available if you apply through a broker.

If you're over the age of 70 and your LTV is over 65%, we’ll only consider applications for essential/structural repairs to the security.

To borrow more, you need to make sure that

  • You're a buy to let customer
  • You've owned and let the security property for at least six months
  • You've been making full monthly payments on your mortgage for at least six months
  • You haven't been in arrears during the last 12 months, and no more than two months in arrears during the last period of arrears
  • You intend to borrow at least £2,500

We won’t accept applications to borrow more in the following circumstances:

  • If you have a product switch application in progress
  • Capital raising for business purposes
  • Applications for more than two people
  • Applications where the mortgage is in the name of a limited company
  • Regulated Buy to Let applications

Rate switches and borrowing more

If you're also looking to switch your mortgage deal, borrowing more first might mean that any subsequent rate switch may be charged at a higher rate due to the increased loan to value.

If a rate switch is completed first, we can't guarantee that an application to borrow more will subsequently be accepted.

Ways to apply

If you want to apply to borrow more, you can contact our Nationwide BTL team on 0800 545 3021.

TMW mortgages are also available through brokers, to apply you can speak to your current broker or visit Unbiased to find your local independent financial adviser.

You can view the rates available for all our mortgages by downloading the Buy to Let product guide.