News
Metro Bank changes BTL criteria and ups maximum loan size
Metro Bank has made changes to its buy-to-let (BTL) range, including increasing its maximum loan size and broadening its criteria.
The lender will now accept properties with thatched roofs and ex-local authority flats.
Its maximum loan size for its 75 per cent loan to value (LTV) BTL mortgage has increased from £750,000 to £2m.
It follows several changes to its BTL range that it made in November, such as lowering the five-year fixed rate stress rate to 3.5 per cent from four per cent for loans up to 75 per cent LTV.
It also cut the rates on five-year fixes and increased its BTL purchase and remortgage product to 80 per cent LTV.
Charles Morley (pictured), director of mortgage distribution at Metro Bank, said: “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 per cent LTV.
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“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.”