Metro Bank enhances buy-to-let criteria in move to specialist lending

The bank has reduced its stress test rate on five-year buy-to-let mortgages from 5.5% to 4.5%. In addition, the maximum age for a buy-to-let applicant at the end of their term has been increased from 80 to 85.

The bank's proposition already offers no minimum income requirements, allowing up to four applicants and enabling them to use top slicing from their earned income.

Metro says the new criteria changes mark a "meaningful first step"as [it] embarks on plans to grow into a truly specialist lender over the next 12 months".

Charles Morley, director of mortgage distribution at Metro Bank, commented: “This is an important first step on our specialist mortgages journey. Our buy-to-let range is now more flexible than ever before with a truly specialist offering that provides the full range of options for borrowers, many of whom are struggling to get a mortgage due to the challenges of the coronavirus pandemic. We have plenty more planned over the next 12 months as we embark on our mission to become the UK’s leading specialist mortgage lender, offering products as individual as our customers are.”