Metro Bank enhances its BTL range
- The specialist lender introduces a number of enhancements for buy-to-let (BTL) customers
- These include offering BTL loans at up to 80% LTV with rates reduced on 5 year fixed products
- The Bank has also reduced its affordability stress rate for 5 year fixed products, whilst streamlining the documentary requirements for self-financing BTL loans
Metro Bank today introduces several upgrades to its range of BTL mortgages. The key enhancements include:
- Offering BTL purchase and remortgage products up to a maximum of 80% LTV*, an increase from 75% LTV
- Decreasing the 5 year fixed stress rate to 3.5% (from 4%) for loans up to 75% LTV (for loans above 75% LTV, 4.5% rate applies)
- Proof of income no longer required for self-funding BTLs
- 5 year fixed rates reduced, with rates now starting from 2.29% (previously 2.79%)
- Available on new build houses and flats up to 80% LTV (previously limited to 75% LTV)
The Bank’s BTL mortgage range already offered a number of core benefits for customers, including having no minimum income requirements, a maximum applicant age of 85 upon completion of the loan and allowing up to four unrelated applicants on each BTL mortgage application.
These improvements are just the latest product enhancements delivered by Metro Bank in 2021, after launching into near prime residential mortgages and significantly expanding the lender’s range of mortgages tailored to qualified professionals.
Charles Morley, director of mortgage distribution at Metro Bank, comments: “In a competitive market, it’s important that customers and intermediaries have plenty of options available for their individual requirements. We’re confident that these enhancements to our BTL range, along with our ongoing push into more specialist mortgages, make Metro Bank an attractive option for an ever wider breadth of mortgage customer.”