TMW increases maximum tenancy limit to 36 months

The Mortgage Works, the buy-to-let mortgage lending arm of the Nationwide Building Society, has increased the maximum length of tenancy it allows landlords to offer to 36 months. Most of the other buy-to-let mortgage lenders restrict landlords to offering 12 month Assured Shorthold Tenancies, although one allows a maximum of 24 months. Henry Jordan, TMW managing director, says: “According to Shelter, one in five families now rents rather than owns. Families are more likely to want longer term tenancies to, for example, ensure continuity of schools, so giving our customers this option will bring greater stability to this growing market segment.” June 27, 2013