The Mortgage Works (TMW) is set to enhance its Decision in Principle (DIP) process for Limited Company purchases and remortgages. This initiative aims to accelerate lending decisions and streamline the application experience for brokers and landlords.
New Features for Limited Company DIPs
As part of its ongoing improvements, TMW introduced a Companies House pre-application check earlier this year. This addition is designed to hasten the overall application process. Furthermore, the updated policy allows minority shareholders who own 20% or less of a limited company to be included without being credit assessed or required to sign personal guarantees.
Minority Shareholder Policy Details
- A maximum of four minority shareholders can hold up to 25% collectively.
- These shareholders do not need to participate in the mortgage application process.
TMW is also revising its existing DIP process to enhance efficiency for brokers and landlords. The updated system ensures that DIPs create only a soft footprint on a landlord’s credit file initially. In contrast, a hard footprint will occur only when the complete application is submitted.
Feedback-Driven Improvements
A spokesperson for TMW highlighted that these adjustments stem from feedback gathered from brokers in recent months. These enhancements reflect TMW’s commitment to the limited company market, ensuring it remains a prominent choice for landlords seeking financing solutions.
By implementing these strategies, The Mortgage Works aims to better support its clientele and improve the overall lending experience.
