The Intermediary – September 2025 - Flipbook - Page 44
The Interview.
The Mortgage Works
Jessica Bird speaks with
Daniel Clinton, head of buy-to-let
mortgages at The Mortgage Works,
about the future of buy-to-let
aniel Clinton joined
Nationwide 18 years ago,
working initially on the
residential lending side.
Following the merger with
the Portman Building Society
in 2007, he sought a buyto-let (BTL) focused role at
The Mortgage Works.
Now head of buy-to-let mortgages, Clinton
was inspired by a business with a “very
entrepreneurial spirit” and the ability to take an
autonomous approach to the BTL proposition,
while still being part of a large wider business.
The Intermediary sat down with Clinton
to understand The Mortgage Works’ role
and evolution within a market both beset
by change and integral to the UK’s overall
housing ecosystem.
D
An important voice
One of the roles that Clinton sees as coming
under The Mortgage Works’ purview is to “give
landlords a voice,” in a time when they are
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The Intermediary | September 2025
often subject to negative stereotypes. He says:
“I’m very passionate about the [private rented
sector (PRS)]. I feel a personal duty to bring
some balance to that debate, and I recognise
how important the PRS is to the UK – whether
it’s economic growth, housing people on lower
incomes, or providing a stepping stone into
independence.
“Without the PRS the UK would be in a much
worse position than it is today. I feel compelled
to help the sector in its totality, and we use the
mutual brand at Nationwide, and the voice that
has, to lobby for the right sustainable change in
the market.”
It is not just in the headlines that landlords
have faced challenges, of course. In the years
since then-Chancellor George Osborne’s
changes to Stamp Duty and tax relief,
announced in 2015, these challenges have
seemed to come thick and fast.
In some ways, Clinton argues, the PRS was in
need of moderating, its growth rate being too
fast to be sustainable. Meanwhile, an increased
professionalisation of the landlord cohort has
had some positive effects. However, he says,
taken in aggregate and without balancing
support, the slew of reforms seen in the past
decade have been “too much, too fast,” and risk
widening the demand-supply imbalance.
The waters do not appear likely to get calmer
any time soon, as Clinton points in particular to
the upcoming Renters’ Rights Bill and Minimum
Energy Efficiency Standards (MEES).
“This creates greater problems for the tenants
in terms of their future aspirations to save for a
deposit, for example,” he says.
“Reforms mean extra costs, and often a
landlord has to pass that onto the tenant in
order to maintain an acceptable yield.
“There’s also a risk of seeing these
landlords exiting the market. We’re not
seeing a mass exodus yet, but the wind has
definitely changed.”
Bullish buy-to-let
While challenges persist for those trying
to balance property ownership with rising
regulatory restrictions, the buy-to-let lending
sector is seemingly going strong.
“Gross BTL lending has grown by about
25% year-on-year over the last 12 months,”
Clinton explains.
