- The Bank starts 2022 with another round of buy-to-let (BTL) enhancements for its customers
- The maximum loan size for 75% LTV BTL mortgages increases to £2m from £750k
Metro Bank has announced its intention to make further inroads into BTL lending, with upgrades to its range of mortgages.
The specialist lender today reveals an increase on maximum loan sizes for its 75% LTV BTL mortgages to £2m from £750k. The Bank now also accepts properties with thatched roofs and ex-local authority flats.
Metro Bank made a number of significant enhancements to its BTL range in November of last year. Changes such as decreasing the 5 year fixed stress rate to 3.5% (from 4%) for loans up to 75% LTV were well-received and popular amongst the broker community, alongside rate reductions on 5 year fixed products and offering BTL purchase and remortgage products up to a maximum of 80% LTV*, an increase from 75% LTV.
This also follows off the back of a strong 2021 for Metro Bank’s mortgage business, delivering a new near prime residential mortgages range – still the only high street bank to offer these mortgages – whilst also expanding its range of mortgages tailored to qualified professionals.
Charles Morley, Director of Mortgage Distribution at Metro Bank, comments: “Metro Bank offers a compelling range of mortgages for BTL borrowers. In recent months we’ve increased several of our maximum LTVs, reduced rates and also cut the stress test rate we apply on loans up to 75% LTV. Alongside the fact that we have 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, we’re seeing significant interest from the market in our BTL offering.”
Notes to editors
*Please note, an arrangement fee of £1,499 will apply (£1,999 for 80% LTV). Loan size is limited to £500k at 80% LTV. Annual overpayment of loans is limited to 10% of initial amount borrowed.