The Mortgage Works

What The Mortgage Works does

The Mortgage Works (UK) plc is a specialist buy-to-let mortgage lender and wholly owned subsidiary of Nationwide Building Society, founded in 1994 and headquartered at Nationwide House, Pipers Way, Swindon. The company provides fixed-rate, tracker-rate, and variable-rate buy-to-let mortgage products in 1-, 2-, and 5-year terms to UK landlords, with typical product fees of approximately 3%, alongside a representative 5-year fixed remortgage at 4.22% (3% fee, up to 65% LTV). Its core technology stack is a buy-to-let mortgage lending platform augmented by an online mortgage management portal that supports account servicing, deal switching, overpayments, and document requests for existing customers.

The business serves five distinct landlord segments: portfolio landlords (four or more mortgaged properties), first-time landlords, limited-company landlords, self-employed landlords, and HMO property owners. Distribution is omnichannel, comprising direct online and phone sales, the Nationwide branch network for in-person support, and a dedicated intermediary channel with separate phone lines for pre-applications and case management. Supporting product features include a rental yield calculator (handling property values from £50,000 to £15 million and monthly rent from £5 to £100,000) and a Further Advance facility, including a dedicated Energy Efficiency Further Advance for borrowing additional funds to improve property energy performance.

The Mortgage Works generates revenue primarily through interest income on its buy-to-let mortgage book, with monthly billing cadence on repayment mortgages and additional fee revenue from product charges. Operations are supported by approximately 700 dedicated team members and a separate Northampton Administration Centre handling customer service and arrears management, while the firm operates as agent and mortgage administrator for two sister Nationwide subsidiaries (Derbyshire Home Loans Ltd and E-Mex Home Funding Ltd). The company serves over 300,000 UK landlords, has won the Best Buy to Let Mortgage Lender title six times at the Your Mortgage Awards between 2010 and 2023/24, and excludes Northern Ireland from its mortgage footprint.

Name

The Mortgage Works

Legal name

The Mortgage Works (UK) plc

Website

https://themortgageworks.co.uk

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

The Mortgage Works is a UK buy-to-let mortgage lender and wholly owned subsidiary of Nationwide Building Society, serving over 300,000 UK landlords across portfolio, first-time, limited-company, self-employed, and HMO segments via direct, branch, and intermediary channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Bournemouth

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mortgage Interest Income: The Mortgage Works generates revenue primarily through interest on buy-to-let mortgage products including fixed rate, tracker rate, and variable rate mortgages for residential and limited company landlords. The company offers 1-, 2-, and 5-year fixed rate products with typical product fees of 3%

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

The Mortgage Works is a specialist buy-to-let mortgage lender offering fixed, tracker, and variable rate mortgage products (1-, 2-, and 5-year terms) to UK landlords. Its core book is built around residential investment lending to portfolio landlords, first-time landlords, limited company landlords, self-employed landlords, and HMO property owners, supported by Further Advance borrowing options and a self-service online account management portal.

Product overview

The Mortgage Works is a specialist buy-to-let mortgage lender and wholly owned subsidiary of Nationwide Building Society, offering a unified product portfolio centered on residential investment mortgages. The core offering consists of Buy to Let Mortgages and Limited Company Mortgages, with supporting sub-products including Portfolio Landlord Services for multi-property investors, Further Advance products (including a dedicated Energy Efficiency Further Advance) for additional borrowing on existing mortgages, a Rental Yield Calculator tool, and an Online Mortgage Management Portal for account servicing. The company has supported landlords for over 30 years and serves approximately 300,000 UK landlords.

Differentiator

Problem solved

Functional benefit

Brands

• The Landlord Works: Operated by Home Propositions Limited, a wholly-owned subsidiary of Nationwide Building Society, providing landlord services.

Products and services

• Buy to Let Mortgages Specialist buy-to-let mortgage products for UK landlords, available for new purchases and remortgages, with fixed and tracker rate options across various loan-to-value bands.
• Limited Company Mortgages Buy-to-let mortgages designed for landlords who own or are setting up a limited company structure to hold their rental properties.
• Portfolio Landlord Services Specialist mortgage offerings and support for landlords with four or more mortgaged buy-to-let properties, including those with complex portfolios.
• Energy Efficiency Further Advance Dedicated Further Advance product letting landlords borrow additional funds on their existing mortgage to improve the energy efficiency of their rental property.
• Rental Yield Calculator Online calculator tool that estimates gross rental yield as a percentage of a property's value, accepting property values between £50,000 and £15,000,000 and monthly rental income between £5 and £100,000.
• Online Mortgage Management Portal Self-service online portal enabling existing customers to view balances, make payments, request documents, switch deals, make overpayments, and manage mortgage details.

Quantifiable outcome

• 5-year fixed rate remortgage product available at 4.22% with 3% fee up to 65% LTV

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Landbay: UK specialist buy-to-let mortgage lender using a peer-to-peer funding model to originate BTL mortgages for individual and portfolio landlords — a direct competitor targeting the same intermediary channel and BTL borrower segments as TMW.
• Precise Mortgages: Specialist UK lender (now part of Charter Savings Bank) offering buy-to-let, bridging, and specialist residential mortgages with strong intermediary distribution — a direct BTL competitor to TMW across portfolio, limited company, and individual landlord segments.
• Fleet Mortgages: UK specialist buy-to-let lender focused on individual and portfolio landlords with a range of fixed and tracker BTL products, distributed primarily through mortgage intermediaries — competing head-to-head with TMW in the specialist BTL space.
• BM Solutions: Buy-to-let mortgage arm of Lloyds Banking Group, offering BTL products through intermediaries and direct channels — competes with TMW across the full UK BTL spectrum, leveraging Lloyds' balance sheet similarly to how TMW leverages Nationwide's.
• Paragon Bank: One of the UK's largest specialist buy-to-let mortgage lenders, offering BTL products to portfolio landlords, limited companies, and HMOs — directly competing with TMW for the same intermediary-distributed BTL customer base.
• Kent Reliance (OneSavings Bank): Specialist buy-to-let and bridging lender within the OneSavings Bank group, focused on complex landlord cases including portfolio, limited company, and HMO borrowers — a like-for-like specialist competitor to TMW in the intermediary channel.

Broad incumbents

• Skipton Building Society: One of the UK's largest building societies offering buy-to-let mortgages as part of a broader retail savings and lending portfolio — competes with TMW in BTL but also in residential and savings, providing a broader incumbent comparison.
• Leeds Building Society: UK building society with a significant buy-to-let lending book alongside residential mortgages and savings — competes with TMW in the BTL segment as a mutual sector peer while operating a broader financial services franchise.
• Aldermore Bank: UK challenger bank offering buy-to-let, residential, and business lending alongside savings products — competes with TMW in the specialist BTL space while operating a wider commercial and retail banking franchise.
• Nationwide Building Society: Parent company of TMW and the UK's largest building society; Nationwide itself offers residential mortgages and some BTL products, making it both the corporate parent and a partial overlap competitor in the broader UK mortgage market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Mortgage Works