BUY TO LET MAXIMUM LOAN INCREASED TO £2M
Metro Bank have increased their maximum loan size for 75% LTV buy to let products from £750,000 to £2m.
They will now also accept thatched roofs and ex‑local authority flats.
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, 4.5% at 140% of the mortgage interest amount calculated for loans above 75% LTV – download their Rental Criteria Guide here.
NEW – 80% LTV products with rates starting from 3.29%, maximum loan size of £500,000.
NEW – no longer require income proof for self‑funding buy to lets.
NEW – Metro Bank have reduced their 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 their Buy to Let calculator here to find out how much your customer could borrow.
Property enhancements
NEW – Thatched Roof – Accepted – subject to surveyor / valuer’s comments. For thatched roof applications, you will need to select “roof type – other” and use the ’Send a message‘ function to add a note to explain it is thatched.
NEW – Ex‑local authority flats – Accepted – subject to a maximum number of stories in the block of 6. Deck access is accepted subject to surveyor / valuer’s comments. Use the ‘Send a message’ function to add a note to explain it is an ex-local authority flat.
For full details on the points above, please refer to their Mortgage Mortgage Lending Criteria Guide here and Product Guides here.
Download their updated Packaging Checklist here.
Contact
Metro’s BDM Team are here and available to help with new case queries. Please get in touch with your BDM or call their Broker helpdesk on 020 3427 1019.
Find your nearest BDM here.