TMW HMO Mortgage: Criteria & LTV (2026)

The Mortgage Works (TMW) is the specialist buy-to-let mortgage lender of Nationwide Building Society. They are one of the largest BTL lenders in the UK, offering a wide range of products for landlords, including HMO mortgages.

Part of Nationwide Building Society
One of the UK's largest BTL lenders
Let to Buy and Ltd Co options

HMO Services

See our guide to HMO mortgages for criteria, valuation and how specialist lenders underwrite multi-let stock. Or compare HMO mortgage lenders side by side.

Yes:HMO Mortgages
Yes:HMO Remortgages
No:HMO Bridging
No:HMO Development

TMW HMO mortgage rates are not a live card on this page. The figures below are the tests The Mortgage Works for Intermediaries publishes for HMO lending, checked 22 October 2026. They are not an offer. A news post about eased buy-to-let rules is historical; current HMO rules are the intermediary HMO page. For how the loan works see HMO mortgages or compare HMO mortgage lenders.

HMO criteria at a glance

Source: TMW for Intermediaries HMO criteria, the TMW HMO criteria page, checked 22 October 2026. Five to seven lettable rooms is the definition of an HMO, not a maximum bedroom cap.

Item	Published	Source
HMO definition / rooms	HMO = five or more occupiers, or five to seven lettable rooms in a multi-let area. Four or fewer people is not HMO lending. Max four habitable storeys, one kitchen, communal living room. Not more than one self-contained unit on the title.	TMW HMO criteria, 22 Oct 2026
Max LTV	75% (see TMW’s table for maximum loan per property)	TMW HMO criteria, 22 Oct 2026
ICR	175% on all HMO applications, regardless of tax status	TMW HMO criteria, 22 Oct 2026
Ltd company	Yes — limited-company criteria apply	TMW HMO criteria, 22 Oct 2026
First-time landlord	No on purchase unless portfolio — 2 years’ BTL or 1 year’s HMO. Remortgage and portfolio: experience not validated.	TMW HMO criteria, 22 Oct 2026
Licence	Remortgage / further advance: current licence (application may be accepted in some cases). Purchase: proof the licence has been applied for.	TMW HMO criteria, 22 Oct 2026
Valuation basis	Specialist Security valuation on all HMO applications, including further advances. Multi-tenanted rental assessment. EPC E or better; exemptions not accepted.	TMW HMO criteria, 22 Oct 2026
Headline rate	Not published	TMW HMO criteria, 22 Oct 2026

HMO products offered

TMW writes purchase, remortgage and further-advance HMO cases that meet its definition. Let-to-buy is not accepted. Both single and multiple tenancy agreements are accepted (assured tenancy, PRT/SAT in Scotland, occupation contract in Wales). Article 4 stock is acceptable with consent or a certificate of lawful use. Selective licensing does not, by itself, make a four-person house an HMO for TMW.

Minimum property value is £100,000. Rooms that fail current minimum sleeping sizes are stripped from the lettable count and the gross rental valuation. A licence that does not match the use will be declined until the correct licence is applied for or obtained.

Who this lender suits / does not suit

Suits an experienced or portfolio landlord buying or remortgaging a five-to-seven-room HMO with one kitchen and a communal room, at up to 75% LTV, who can pass 175% ICR. Limited-company SPVs that meet TMW company rules sit here too. Does not suit a first-time purchaser with no BTL or HMO history, a multi-unit freehold, a house of five storeys, or a four-person licensed house you hoped to put on an HMO product. Those last cases need a non-HMO TMW product or another lender.

How to apply through a broker

TMW is intermediary-only. Send the occupancy, storeys, kitchen count, licence status and whether this is a purchase or a remortgage. Attach the licence on remortgage before the valuer is instructed — TMW can cancel if it is not received within 15 working days. There is no charge for an initial quote. Use a calculator only as a sketch; TMW HMO mortgage rates are the illustration, not this page.

Similar HMO lenders

Compare Paragon Bank HMO Mortgages, Aldermore HMO Mortgages and Shawbrook Bank HMO Mortgages, or compare HMO mortgage lenders.

Next step: quote / speak to a specialist

Tell us occupiers, lettable rooms and whether you have two years’ BTL or one year’s HMO. We will not send a first purchase with no experience to TMW unless you are already a portfolio landlord.

Related reading: compare HMO mortgage lenders and HMO mortgages.

FAQs

TMW HMO Mortgage: Criteria & LTV (2026): published criteria, not a live rate card.

What are the current mortgage rates for HMOs?

There is no live TMW HMO rate card on this page. TMW HMO mortgage rates are set on a dated illustration. The published tests are 75% maximum LTV and 175% ICR on all HMO applications (TMW intermediary HMO criteria, checked 22 October 2026).

Will TMW reduce mortgage rates?

TMW does not publish a forward rate path on its HMO criteria page. A cut you read in a news post is not the rate on your case. Ask for a current illustration.

Are HMO mortgages more expensive?

Specialist HMO products often price above a vanilla single-let because underwriting and the Specialist Security valuation cost more. That is not a published TMW headline spread.

What are the current HMO mortgage rates for Ltd companies?

Limited-company clients are accepted, with limited-company criteria. TMW does not publish a separate Ltd-company HMO rate on the HMO page. ICR is 175% for all HMO applications, regardless of tax status.

Is it hard to get a HMO mortgage?

TMW will not treat a four-person licensed house as an HMO. Purchase applicants who are not portfolio landlords must show 2 years’ BTL or 1 year’s HMO. A licensed five-to-seven-room house that meets storey, kitchen and communal-room rules is a standard TMW HMO case.

Will mortgage rates drop to 3% again?

This page does not forecast TMW HMO mortgage rates. There is no 3% figure on TMW’s HMO criteria page.

Is The Mortgage Works a good choice for a buy-to-let mortgage?

TMW suits a Nationwide-group specialist BTL/HMO case that fits the published HMO definition, 75% LTV and 175% ICR. It does not suit a first purchase with no BTL or HMO history unless you are already a portfolio landlord.

What is The Mortgage Works?

The Mortgage Works is Nationwide’s specialist buy-to-let lender. HMO applications go through TMW for Intermediaries, not a high-street personal-name branch.

Who can use The Mortgage Works?

Intermediary-introduced personal-name and limited-company landlords. Purchase cases that are not portfolio need 2 years’ BTL or 1 year’s HMO. Remortgage and portfolio cases do not need that experience validated.

What is a buy-to-let mortgage?

A loan to let the house to tenants. TMW’s HMO product is a buy-to-let variant for houses it defines as an HMO — five or more occupiers, or five to seven lettable rooms in a multi-let area. A four-person house uses a non-HMO product.

Wondering if The Mortgage Works suits your buy-to-let plans?

It suits a five-to-seven-room HMO, one kitchen, no more than four storeys, with a communal living room and a Specialist Security valuation. It does not suit multi-unit titles or a first purchase with no published experience.

How much can you borrow with The Mortgage Works?

Maximum 75% LTV, subject to the published maximum loan per property on TMW’s table. Rent must cover 175% ICR on every HMO application. There is no salary multiple on this page.