Fillable Term extension application form (The Mortgage Works)

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Term extension application form (The Mortgage Works)

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T1064 (April 2021) Page 1 of 3
1. Account details
Account Number
Term extension application form
This application form is to be used to apply for an extension of the term of your buy to let mortgage account. Before completing
it, it’s important to read the guidance notes on page 3.
You can also find out how The Mortgage Works and Nationwide uses the information you give us by visiting
tmwdirect.co.uk/privacy. If you’re a broker completing this form on behalf of the account holder, please make sure they
understand how their information will be used.
How does the application work?
2. Applicant’s personal details
First Applicant Second Applicant
Title
Mr Mrs Miss Other (specify) Mr Mrs Miss Other (specify)
Please enter ALL forenames
Surname
Correspondence address
including postcode
Postcode Postcode
Contact telephone number
Email address
Property address
including postcode
Postcode
Taxable Income
Applicant 1 Annual taxable income
£
Applicant 2 Annual taxable income
£
i
If your gross annual income is less than £50,270 per applicant (or less than £43,662 gross income per applicant in
Scotland), then each applicant will need to provide a copy of their latest SA302 tax calculation form. This must be no
older than 18 months.
Properties owned Applicant 1 Number of Buy to Let properties owned? Applicant 2 Number of Buy to Let properties owned?
Send us your application
and valuation fee
We’ll assess your
application
There will be a valuation
of your property
The valuation will be
assessed
We’ll send you a letter to let
you know our decision
T1064 (April 2021) Page 2 of 3
New term end date required
Date: MM/YYYY
`M M Y Y Y Y
The term extension can be for a maximum of 10 years.
Further information
Is the property currently tenanted?
Yes No
Current Rental Income (per calendar month)
£
Estimated Current Value of Property
£
Contact name and number to arrange valuation
Name
Contact number
The information you have provided will be held by The Mortgage Works and Nationwide. Further details on how your information will be used is available
at tmwdirect.co.uk/privacy
Signatures
First Applicant Second Applicant
Date
D D M M Y Y Y Y
Date
D D M M Y Y Y Y
1. The information you have provided will be held by The Mortgage Works and Nationwide. Further details on how your information will be used is
available at tmwdirect.co.uk/privacy
2. We collect and use your information so we can offer and manage your accounts, confirm your ID, prevent fraud, provide services to you, collect and
recover debt and run our business.
3. We share your information as necessary within The Mortgage Works and Nationwide, with our suppliers and with any third parties you’ve asked to
act on your behalf. Information is shared with our insurance partners when applying for a Nationwide insurance product or it is a benefit of your
account (e.g. FlexPlus).
4. If the law requires or allows us to, we’ll also share information as necessary with other organisations. This includes credit reference agencies, fraud
prevention agencies and other government bodies, regulators and law enforcement agencies.
5. When we share your information with credit reference agencies they’ll use this to check your credit rating, along with the other details you’ve given
us. These checks are part of most account application processes – however, they will leave a record on your credit file that other lenders can see. This
might affect your ability to get credit elsewhere for a short while.
6. When we share your information with fraud prevention agencies they will use the data to prevent fraud and money laundering and verify your
identity. If we believe someone poses a fraud or money laundering risk, we may refuse to provide the product they have asked for and we may also
stop providing services they already have. The fraud prevention agencies will keep a record of any fraud or money laundering risk and this could
mean that other organisations may refuse to provide services, financing or employment.
7. When we transfer information to third parties and organisations, whether inside or outside the UK, we’ll make sure we only give them information
that’s necessary and that your data will stay secure.
8. We may, if applicable, give the Intermediary who introduces this mortgage application to you, a copy of any offer we make or the reason for declining
the application, a copy of any valuation we ask to be carried out, details of any complaints you make before completion and any other information we
consider necessary to process your application through to completion.
9. We only use your information if we have a legal basis to do so, for example, if you have given us consent or if we need to use the information to
meet our obligations to you in our terms and conditions. We may also use your information if necessary to comply with the law or to carry out our
legitimate business interests.
10. You have certain rights when it comes to your personal information including the right to access your data. Further details on these rights and who to
contact are available online at tmwdirect.co.uk/privacy
By making this application, I’m confirming that the other applicant, where applicable, has agreed to share a financial relationship with me. Also, that
they’re happy for Nationwide to authorise searches, and for links and/or recordings of their information to be made with credit reference agencies.
Your guide to extending the term of
your mortgage
Before you complete your application form, please take some time to read the following information carefully.
To help you make the right decision about whether or not to change your mortgage term, we always aim to give you all the information you need.
But if you’re still not sure after reading everything through, then we’d recommend that you take independent financial advice.
Checking if you’re allowed to extend your term
Before you fill out the application form, you need to check that you qualify for an extension.
Here are the reasons that will stop you extending your term:
• If one or more month’s mortgage payments haven’t been paid in the last 12 months (meaning the mortgage has been in arrears).
• If ground rent / service charge has been paid from your mortgage account by The Mortgage Works in the last 12 months.
• If you are currently declared bankrupt or have entered into an individual voluntary arrangement (IVA).
These conditions also need to be met:
• Leasehold properties must have at least 70 years remaining on the lease at the time you apply to extend the term.
• You or a member of your family can’t be living in your buy to let property.
• You must have a valid Energy Performance Certificate (EPC) in place on the property with a rating between A - E, unless you have a
registered exemption on the National PRS Exemptions Register.
Things you should bear in mind if you extend your term
• By increasing the term of your mortgage, the total interest you’ll pay for your mortgage will be higher.
• You can apply to extend the term by a maximum of 10 years at any one time.
• If you have taken out a further advance with us on the property, then any term extension will also apply to this.
• We’ll need to carry out a full internal valuation of the property – so please let us have a contact name and telephone number on the
application form, so we can arrange this.
Submitting your application
Pay for the valuation fee
As mentioned above, your property will need to be valued. You will have to pay for this, and you’ll find the cost in the letter that was sent with this form.
However, if you downloaded this form online or haven’t received a letter, please call us on 0345 606 40 60 and we’ll let you know the cost.
The valuation fee has to be paid by cheque. Please add your account number on the back of the cheque and enclose it with your completed application.
Provide proof of income, if needed
If your declared gross annual income is less than £50,270 per applicant (less than £43,662 gross income in Scotland) then this changes how we work out
your affordability for this mortgage. If this applies to you, then you’ll need to provide your latest SA302 tax calculation form (one per applicant) with this
application. It must be no older than 18 months. Please send a copy, not the original.
Make sure everyone on the mortgage account signs the application
The application needs to be fully completed. Plus, it needs to be signed by all parties on the mortgage account.
Where to send your application
Send your signed application form, along with you your fee and proof of income (if required) to:
Land & Deeds Team
The Mortgage Works
Portman House
Richmond Hill
Bournemouth
BH2 6EP
If you have any questions about the application form, please call us on 0345 606 40 60 and we’ll be happy to help.
T1064 (April 2021) Page 3 of 3
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Completed 14 May 2021

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