Mortgage Works lifts landlord age limit to 75, cap to 10m pounds

The changes

Source: The Mortgage Works, 3 September 2026.

The Mortgage Works, part of Nationwide Building Society, set out a package of criteria changes on 3 September 2026 covering age limits, total borrowing, inter-family purchases and limited company paperwork. The maximum age at application for first-time landlords has increased from 70 to 75, at up to 70 percent loan to value. For experienced landlords, there is no maximum age when applying at up to 70 percent LTV, where previously the no-age-limit threshold was 65 percent LTV. The maximum total borrowing a landlord can hold across all mortgages with the Nationwide Group has increased from 7.5 million to 10 million pounds. The Mortgage Works now accepts applications to purchase an existing buy-to-let property from another family member. On limited company applications, a new Intercompany Loan Agreement Declaration Form replaces the requirement for an intercompany loan agreement.

Dan Clinton, Head of Buy-to-Let Mortgages at The Mortgage Works, said: "By increasing the maximum age at application and introducing support for eligible inter-family property purchases, we're giving brokers more options when helping landlords achieve their property goals." The changes follow recent changes to TMW's property exposure policy for blocks of flats and maisonettes, increasing the number of properties in a single development it will lend on. Nationwide is the second largest provider of mortgages in the UK and owns Virgin Money. For landlords, the practical effect is a wider set of circumstances in which an application can proceed, particularly where age, total portfolio debt or the identity of the seller would previously have ended the conversation before underwriting began.

Who this helps

Older first-time landlords are the clearest beneficiaries of the age change. A borrower entering buy-to-let later in life, often buying with a pension lump sum or an inheritance, previously faced a cut-off at 70 on first applications. That cut-off now sits at 75, provided the loan is at up to 70 percent LTV. The change matters because lenders' age limits reflect affordability into retirement: a shorter remaining term or a smaller pension income can reduce the loan a lender is willing to advance, so an extra five years of eligibility can widen the pool of properties and loan sizes available. Portfolio landlords near the old 7.5 million pounds cap also gain headroom, with the Nationwide Group limit now at 10 million pounds. That matters most to landlords whose borrowing is spread across several lenders within the same group, where a single additional mortgage could previously have breached the aggregate limit.

Families passing rental property between generations are addressed by the acceptance of applications to purchase an existing buy-to-let from another family member. This covers a common situation in which a landlord wishes to transfer a property to a relative who will continue to let it, rather than sell on the open market. Limited company landlords facing paperwork are helped by the Intercompany Loan Agreement Declaration Form, which replaces the requirement for a full intercompany loan agreement on limited company applications. Each change targets a different point at which an otherwise viable application could stall: age at application, aggregate group exposure, the relationship between buyer and seller, and the documentation burden on company structures.

KT context on later-life lending

Lenders' age limits are not arbitrary. They reflect affordability into retirement, because a buy-to-let mortgage is underwritten against rental income and, where relevant, the borrower's wider financial position. Where a borrower is close to or past state pension age, a lender will consider how rental cover and any other income hold up over the term, and whether the loan can be serviced if letting voids or maintenance costs rise. Raising the maximum age at application from 70 to 75 for first-time landlords, and removing the maximum age entirely for experienced landlords at up to 70 percent LTV, shifts the point at which those questions are asked rather than removing them. A landlord applying at 74 should still expect the lender to test rental cover, stress rates and the exit strategy, and to look at how the loan will be repaid or refinanced at the end of the term.

Portfolio landlord rules sit alongside the age criteria. Prudential Regulation Authority rules treat landlords with four or more mortgaged buy-to-let properties as portfolio landlords requiring specialist underwriting. That means a fuller assessment of the whole portfolio, including aggregate borrowing, rental income across all properties, and the landlord's experience and track record. The increase in the maximum total borrowing a landlord can hold across all mortgages with the Nationwide Group, from 7.5 million to 10 million pounds, operates within that framework rather than outside it. A portfolio landlord with borrowing spread across the Nationwide Group, including Virgin Money, should check aggregate exposure before applying, because the limit applies across the group rather than to a single brand.

KT context on family purchases and company structures

Buying an existing buy-to-let from a family member raises tax and legal points that sit outside the mortgage criteria. Purchases of additional residential property in England and Northern Ireland attract a 5 percentage point stamp duty land tax surcharge on top of standard rates. Where a property is bought from a family member at below market value, stamp duty is still calculated on the price paid, and the 5 percentage point surcharge applies to that price. Landlords should not assume that a discounted family price removes the surcharge or reduces the liability to nil. Lenders usually require the seller to take independent legal advice where a property is sold to a family member, so that the seller understands the transaction and is not later able to argue that the sale was not properly explained. That requirement can add time and cost to a purchase that might otherwise look straightforward.

Limited company structures bring their own documentation. The new Intercompany Loan Agreement Declaration Form replaces the requirement for an intercompany loan agreement on limited company applications, which reduces the paperwork a landlord must produce at application stage. Landlords using a company structure should still expect the lender to look at the company's accounts, the directors and the loan structure, and to confirm that the arrangement is properly documented. The TMW changes follow recent changes to its property exposure policy for blocks of flats and maisonettes, increasing the number of properties in a single development it will lend on. Taken together, the release points to a lender widening several criteria at once, while the underlying underwriting tests on rental cover, portfolio exposure and legal title remain in place.

Source: Nationwide media centre, 3 September 2026.

Related coverage on Kael Tripton: Buy-to-Let Mortgage Range Streamlined by Lender, Before You Take a Buy-to-Let Mortgage: Tax, Stress Tests and Voids, HMRC is signing sole traders and landlords up to MTD: what to do, England landlord register starts 15 December 2026, Portfolio Landlord UK 2026: Building, Financing and Managing a Property Portfolio.

Frequently asked questions

What is the new maximum age at application for first-time landlords at The Mortgage Works?

The maximum age at application for first-time landlords has increased from 70 to 75, at up to 70 percent loan to value.

Is there a maximum age for experienced landlords?

There is no maximum age for experienced landlords applying at up to 70 percent LTV. Previously the no-age-limit threshold was 65 percent LTV.

How much can a landlord borrow across the Nationwide Group?

The maximum total borrowing a landlord can hold across all mortgages with the Nationwide Group has increased from 7.5 million to 10 million pounds.

Can a landlord buy a buy-to-let from a family member?

The Mortgage Works now accepts applications to purchase an existing buy-to-let property from another family member. Stamp duty is still calculated on the price paid, and the 5 percentage point additional-property surcharge applies in England and Northern Ireland. Lenders usually require the seller to take independent legal advice.

What replaces the intercompany loan agreement on limited company applications?

A new Intercompany Loan Agreement Declaration Form replaces the requirement for an intercompany loan agreement on limited company applications.