The specialist buy-to-let arm of the Nationwide Building Society is extending the time it holds open remortgage offers from three to six months.
The new approach is effective from today (27 April) and would replace the previous approach of having different validity periods, depending on the product.
Historically, purchase and let-to-buy applications had a six-month validity period, while further advances and remortgage offers were only valid for three months.
Paul Wootton, director of specialist lending at TMW, said the company made the change after feedback from its client base.
He said: "We listen to landlords and their challenges in growing portfolios and the extension of TMW's remortgage offer period acknowledges one of the many pressures that a landlord can face.
"This change in policy, along with recent improvements to our product offering, further illustrates TMW's continued commitment to brokers and landlords."
TMW added that existing offers will not be automatically extended but that advisers with client offers approaching expiration can request an extension.
In addition to altering the period of validity for remortgage offers, the company has also increased the maximum loan-to-value for buy-to-let mortgages from 75 per cent to 80 per cent for both first-time and experienced landlords.
This follows an earlier decision to remove the age limit at application for experienced landlords seeking loans of up to 65 per cent LTV, applicable to purchase loans, remortgage products and limited company mortgages, which are currently being piloted by the group.
TMW's five-year fixed rate remortgage products are currently priced from 2.09 per cent at up to 50 per cent loan-to-value (LTV) and 2.64 per cent for the up to 65 per cent LTV product.
Both options have a £1,995 fee.
Standard valuations and legals are free with both options.
Carl Shave, a director at Suffolk-based Just Mortgage Brokers, said TMW's decision to bring its remortgage offers in line with their other lending validity periods is a welcome change.
He said: "This will enable those organised borrowers to secure rates six months in advance. That can be beneficial in a market of potential rate rises and those with remortgages associated with a concurrent purchase.
"With TMW offering this to new borrowers, it will perhaps give scope to increase the timescales they permit existing customers to secure new rates when nearing the end of their current deals that presently stands at just six weeks."
