The rental calculation is based on the property’s estimated rental income after the work has been completed.

The name change reflects the fact that commercial mortgages now make up a small proportion of the business.

The lender has reduced rates across its two-year and five-year fixed rates.

TMW has also introduced a new fee option for landlords of £3,995.

PMS advisers now have access to a panel of over 100 lenders covering buy-to-let, residential, remortgage and specialist lending.

The lender has also removed the 5.5% minimum stress rate requirement on five-year buy-to-let products.

Two-year fixed rates now start from 4.65%.

Residential and buy-to-let rates are both reducing as part of the changes.

Rates have reduced by up to 0.35%.

The new range includes new two-year fixed rates for both buy-to-let and semi-commercial.