Metro Bank enhances buy-to-let criteria

The lender is now offering buy-to-let purchase and remortgage products up to a maximum of 80% LTV, up from 75% LTV.

It is also decreasing the five-year fixed stress rate from 4% to 3.5% for loans up to 75% LTV (for loans above 75% LTV, a 4.5% rate applies) and will no longer require proof of income for self-funding buy-to-lets.

Alongside the changes, Metro Bank has reduced rates on its five-year buy-to-let products, which now start from 2.29%, down from 2.79%.

Additionally, the range will now be available on new build houses and flats up to 80% LTV (previously limited to 75% LTV).

The Bank’s buy-to-let mortgage range has no minimum income requirements, a maximum applicant age of 85 upon completion of the loan and allows up to four unrelated applicants on each buy-to-let mortgage application.

Charles Morley, director of mortgage distribution at Metro Bank, commented: “In a competitive market, it’s important that customers and intermediaries have plenty of options available for their individual requirements. We’re confident that these enhancements to our buy-to-let range, along with our ongoing push into more specialist mortgages, make Metro Bank an attractive option for an ever wider breadth of mortgage customer.”