Metro Bank has launched into Limited Company Buy to Let, this will enable us to support a wider breadth of customer with their mortgage needs.
Limited Company Buy to Let highlights
- Maximum 75% LTV
- 125% of the mortgage interest amount calculated at our standard Buy to Let stress rates
- Up to four Directors/Shareholders accepted. They must be the same people and have 100% shareholding
- No minimum income (subject to rental void plausibility checks) but at least one Director must be earning an income (other than rental)
- Portfolio landlord accepted – maximum of 10 properties with Metro Bank (under £10m aggregated debt), maximum of 10 properties in total
- Maximum age 85 (mortgage term based on the oldest applicant)
- Limited Company must be non-trading and must be limited to solely holding residential property and not engaged in wider activities (must be an SPV). Acceptable SIC codes:
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- 68100 – Buying and selling of own real estate.
- 68209 – Letting and operating of own or leased real estate.
- 68320 – Management of real estate.
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Our Buy to Let calculator has been updated in line with these enhancements – use our Our Buy to Let calculator to find out how much your customer could borrow.
For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.