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Feature of the Week

The Buy-to-let Solution

We hope you had a wonderful festive break and New Year. There are a lot of exciting things planned for this year, starting with our recent enhancements to our buy-to-let range:

Buy-to-let enhancements

  • NEW – maximum loan size for 75% LTV products now £2m
  • NEW – 5 year fixed stress rate 3.5% at 140% of the mortgage interest amount calculated for loans up to 75% LTV,5% at 140% of the mortgage interest amount calculated for loans above 75% LTV – download our Rental Criteria Guide
  • NEW – 80% LTV products with rates starting from 3.29%, maximum loan size of £500,000
  • NEW – no income proof required for self-funding buy-to-lets
  • NEW – we have reduced our 5 year fixed rates with rates now starting from 2.29%
  • NEW – available on New Build on houses and flats up to 80% LTV

Use our buy-to-let calculator to find out how much your customer could borrow.

For full details on the points above, please refer to our Mortgage Lending Criteria Guide and Product Guides. Download our updated Packaging Checklist.

Metro Bank talks… Buy-to-let in less than 15 minutes

Great news! Back by popular demand, we will be hosting four more opportunities for you to join our buy-to-let webinar where we will focus on our recent product and criteria enhancements, including our most recent improvement – increasing our maximum loan size for 75% LTV products to £2m.

This is alongside launching into the 80% LTV buy-to-let market and reducing our 5 year stress test to 3.5% at 140% of the mortgage interest amount calculated for loans up to 75% LTV.

‘Metro Bank talks… Buy-to-let’ webinar

Wednesday 19 January

Time

Register

9.30am – 9.45am

Register now

10am – 10.15am

Register now

Thursday 20 January

Time

Register

9.30am – 9.45am

Register now

10am – 10.15am

Register now

If you are unable to attend the events above, please feel free to give your BDM a call to book in a meeting – they’d love to hear from you. Find your local BDM here.

80% LTV Buy-to-let

That’s right! We now offer buy-to-let purchase and remortgage products up to a maximum of 80% LTV. We have also decreased our 5 year fixed stress rate to 3.5% at 140% of the mortgage interest calculated for loans up to 75% LTV and no longer require income proof for self-funding buy-to-lets.

Buy-to-let enhancements

  • NEW – 80% LTV products with rates starting from 3.29%, maximum loan size of £500,000
  • NEW – 5 year fixed stress rate 3.5% at 140% of the mortgage interest amount calculated for loans up to 75% LTV,5% at 140% of the mortgage interest amount calculated for loans above 75% LTV – download our Rental Criteria Guide
  • NEW – no longer require income proof for self-funding buy-to-lets
  • NEW – we have reduced our 5 year fixed rates with rates now starting from 2.29%
  • NEW – available on New Build on both houses and flats up to 80% LTV

Buy-to-let highlights

  • No minimum income requirement
  • Maximum age of 85 (mortgage term based on the oldest applicant)
  • Up to 4 unrelated applicants on the mortgage can be considered
  • Capital and interest / interest only repayment options available
  • Portfolio landlords accepted - maximum of 5 properties with Metro Bank (under £5m aggregated debt), maximum of 10 properties in total

For full details on the points above, please refer to our Mortgage Lending Criteria Guide and Product Guides. Download our updated Packaging Checklist.

Contact us

Our BDM Team are here and available to help with new case queries. Please get in touch with your BDM or call our Broker helpdesk on 0203 427 1019.

For use by FCA Authorised Intermediaries only.

Coronavirus mortgage FAQs

Coronavirus update

Supporting our customers is still our top priority. Click here for more information, or if your customer would like to contact us, they can:

  • Call our Mortgage Servicing team on 0345 319 1200. Our opening hours are 8.30am to 6pm Monday to Friday.
  • Complete this form and one of our specialists will give them a call. We aim to call within seven days.
  • Send us an email to mortgageservicing@metrobank.plc.uk – we will reply as soon as possible. They will need to provide their eight-digit mortgage account number, which starts with a 4 and can be found on any letter they have received from us about their mortgage.
  • Write to us at Mortgage Admin team, Metro Bank Plc, PO Box 1130, Uxbridge UB8 9XX.
Offer extension

In line with the wider industry, Metro Bank will extend all house purchase mortgage offers for residential and buy-to-let customers for up to three months, enabling customers to move at a later date. If your customer requires an offer extension, please contact us in the normal way.

Physical valuations

We are very pleased to announce the immediate recommencement of physical inspections on purchase and re-mortgage cases in England (where access is granted) - our standard lending policy will apply*. These will be carried out in line with Government guidelines.

Where a physical valuation cannot take place, digital valuations will be instructed in line with our previous guidance on properties up to a maximum value of £3 million (limitations apply - please contact us for details).

Due to the undoubted pressure on the surveying community, it is likely that turnaround times on valuations will be impacted, whilst it takes several weeks for things to settle.

*Please refer to our Mortgage Lending Criteria Guide and Product Guides for full details.

For use by FCA Authorised Intermediaries only