The Mortgage Works Buy to Let Mortgage Product Transfer Advice
If your The Mortgage Works buy to let mortgage deal is coming to an end, we will review what TMW can offer you alongside rates from across the buy to let market and give you a recommendation based on your circumstances. For a straightforward rate switch, we charge no client fee.
Why use Aspect Mortgages for your TMW product transfer?
Advice, not just information. We recommend the right option for you. TMW can only show you their own rates.
Whole market comparison. We check the buy to let market before recommending you stay with TMW.
No fee for a like-for-like rate switch. Straightforward advice at no cost to you.
We lock in your rate early. TMW's booking window opens 13 weeks ahead. We act as soon as you are eligible.
We sense-check rates before completion. A few weeks before your new deal starts, we review the latest rates to make sure you are still on the best available option.
We look after you for life. We will remind you before every future deal end date so you never drift onto the Standard Variable Rate.
What is The Mortgage Works?
The Mortgage Works, known in the market as TMW, is the specialist buy to let lending subsidiary of Nationwide Building Society. With over 30 years in the buy to let market, TMW is one of the most established and widely used buy to let lenders in the UK.
TMW operates exclusively through mortgage intermediaries. There is no direct application route for customers and no TMW branch network. All product transfers, new purchases, remortgages and further advances must be arranged through a registered broker. This is worth understanding because it means that unlike some lenders, you cannot arrange a TMW product transfer by calling the lender or logging into a customer portal. A broker is the route.
TMW is known for flexible criteria across a wide range of buy to let property types, including HMOs, multi-unit blocks and limited company structures, making it particularly relevant for landlords with more complex portfolios.
How does a TMW product transfer work?
When your current TMW deal ends, you will be offered new rates from their existing customer range through the Online Mortgage Switcher (OMS). No solicitor is required, no physical valuation takes place and, for a like-for-like switch, no new credit check or rental stress test is applied.
The booking window is 13 weeks. TMW opens its product transfer window 13 weeks (just over three months) before your current deal expires. Product switches at TMW always take effect from the first of the month, so the start dates available to you will depend on exactly when your current deal ends. We recommend speaking to us around three months before your deal ends so we have time to compare the wider market before you commit.
No credit check and no rental stress test for a like-for-like switch. This is particularly important for landlords whose rental income position or stress test eligibility has changed since they originally took out the mortgage. A like-for-like product switch does not trigger a new credit assessment and the rental stress test that applies to new lending does not apply. Many landlords find themselves in a position where their rental income would not support equivalent new lending today, but a product transfer remains available to them on the same terms. If this applies to your situation, a product transfer may be the most practical route.
LTV is determined by automated valuation. TMW carries out an automated valuation to establish your current loan-to-value and determine which products you are eligible for. No physical survey is needed and there is no valuation fee. If your property has increased in value, the automated valuation may open up access to a lower LTV band and therefore better rates.
Product switches always start on the first of the month. Unlike some lenders where the switch date is flexible, TMW product switches are always effective from the first of the month. The date the switch takes effect depends on when the offer is accepted.
The Switch to Fix facility. If your TMW mortgage is a tracker product that carries the Switch to Fix feature, you can switch to a fixed rate at any point during the tracker benefit period without incurring an early repayment charge. This is useful if you originally took a tracker while waiting for fixed rates to improve and now want to lock in. Not all TMW tracker products carry this feature, so it is worth checking your original mortgage offer or asking us to confirm whether it applies.
If your deal has already ended, you will be on TMW's Standard Variable Rate, which is significantly higher than their fixed rate product range. There are no early repayment charges on the SVR. If you are currently on the SVR, it is worth acting promptly to limit the time spent on the higher rate.
Use our repayment calculator to see what a change in rate could mean for your monthly payments before we speak.
For many buy to let property owners, particularly those in unstable financial circumstances or with limited equity, a product transfer can be the most practical and cost-efficient option. But it is not automatically the right choice, which is why it is worth speaking to an adviser about your options.
What if you want to make changes at the same time?
A standard TMW product switch covers a like-for-like rate change with no adjustments to loan amount, term or repayment method. The following require separate handling:
Additional borrowing (further advance) is available for existing TMW buy to let customers and can be arranged alongside a product transfer, but as a separate application. Full underwriting applies, including a rental stress test and credit assessment. TMW also offers a green further advance where the funds are used entirely for qualifying energy efficiency improvements to the property, available on a fixed rate with no product fee.
Term changes and repayment type changes are not available through the standard Online Mortgage Switcher route and would require direct contact with TMW.
Adding or removing a borrower requires a full application and is outside the scope of the product transfer process.
Where structural changes are involved, it is worth considering whether remortgaging to a new lender might offer better terms overall. We charge a fee of £495 for advice on applications involving structural changes and will always make this clear before you commit to anything.
The Mortgage Works Product Transfer vs Remortgage
TMW has a competitive existing customer rate range and a clean product transfer process. The 13-week booking window is slightly shorter than some other buy to let lenders, so it pays to act promptly when your deal end is approaching. The Switch to Fix facility and the availability of product transfers for limited company accounts are both useful features that not all buy to let lenders offer.
As with any lender, the right question is whether TMW's rate is the best available to you across the whole buy to let market. We compare TMW against the wider market before making a recommendation. Sometimes staying with TMW is clearly the right answer. Sometimes a remortgage to a new lender will offer a better rate or more flexibility, particularly if your LTV has improved or your portfolio circumstances have changed. We will give you a straight recommendation either way.
We do not charge a fee for a like-for-like rate switch. Our standard advice fee of £495 applies when structural changes are involved. You can also find the full range of mortgage services we offer, including our specialist buy to let mortgage advice.
Frequently Asked Questions
Can I do a The Mortgage Works product transfer through a broker?
Yes. TMW accepts product transfer applications from registered mortgage intermediaries through their TMW Online portal. Both personal name and limited company accounts are eligible to switch using the Online Mortgage Switcher. We handle the application on your behalf, compare TMW rates against the wider buy to let market, and give you a clear recommendation before anything is submitted.
When can I start a TMW product transfer?
TMW opens its product transfer window 13 weeks before your current deal ends. Product switches always take effect from the first of the month, so the start dates available to you depend on when your current deal expires. We recommend speaking to us around three months before your deal ends. If your deal has already ended and you are on TMW's Standard Variable Rate, you can apply at any time.
Does TMW carry out a credit check for a product transfer?
No, not for a standard like-for-like rate switch. TMW does not carry out a new credit assessment for existing customers switching rates on the same terms, provided the account is in good order with no current arrears. The rental stress test that applies to new applications does not apply to a like-for-like product switch.
What is the TMW Switch to Fix facility?
If your TMW mortgage is a tracker product that carries the Switch to Fix feature, you can switch to a fixed rate at any point during the tracker benefit period without incurring an early repayment charge. This is useful if you originally took a tracker rate while waiting for fixed rates to settle and now want to lock in. Not all TMW tracker products carry this feature, so it is worth confirming whether it applies to your account before making any decisions.
Can I do a product transfer on a TMW limited company mortgage?
Yes. TMW explicitly includes limited company accounts within its Online Mortgage Switcher process. If your buy to let property is held in a special purpose vehicle or limited company with a TMW mortgage, you can arrange a product transfer through a broker in the same way as a personal name account. This puts TMW ahead of some other buy to let lenders where limited company product transfers are either unavailable or handled through a separate process.
My rental income would not pass TMW stress tests today. Can I still do a product transfer?
Yes. The rental stress test applies to new lending, not to like-for-like product switches. If your rental income or stress test position has changed since your original mortgage completed, that does not prevent you from switching rates on the same terms with TMW. This is an important option for landlords who might not qualify for equivalent lending with a new lender.
Can I borrow more at the same time as a TMW product transfer?
Yes, in eligible cases. TMW allows further advances for existing buy to let customers, subject to standard eligibility and LTV criteria. A further advance is a separate application from the product transfer and goes through full underwriting. A green further advance is also available where the funds are used entirely for qualifying energy efficiency improvements to the property.
What other mortgage services does Aspect Mortgages offer?
As well as buy to let product transfers, we advise on buy to let mortgages, remortgages, residential mortgages, and specialist lending for self-employed applicants, contractors and professionals.
Why Choose Aspect Mortgages?
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There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £495 for a residential/buy to let mortgage or £1495 for an equity release/retirement mortgage.
Aspect Mortgages Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/s/) under FCA reference 305352. The FCA do not regulate Business Buy to Let Mortgages.
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