Metro Bank increases buy-to-let loan sizes in criteria shake-up
Metro Bank has announced a series of enhancements to its buy-to-let mortgage criteria.
"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% LTV."
The specialist lender is increasing maximum loan sizes for its 75% LTV products from £750,000 to £2m.
Metro will now also accept properties with thatched roofs and ex-local authority flats.
The changes follow a number of enhancements to its buy-to-let range in November last year, which included decreasing its five-year fixed stress rate from 4% to 3.5% for loans up to 75% LTV and increasing its maximum LTV to 80%.
Charles Morley, director of mortgage distribution at Metro Bank, commented: “Metro Bank offers a compelling range of mortgages for buy-to-let 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% LTV.
"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 buy-to-let mortgage application, we’re seeing significant interest from the market in our buy-to-let offering.”
