Metro Bank has made a number of changes to its buy-to-let (BTL) product line, including increasing the maximum LTV and reducing rates.
As noted above, the maximum LTV offered for BTL purchase and remortgages has been increased from 75% LTV to 80% LTV (including for new builds and apartments), although at this level of fees of arrangement of £1,499 apply.
Additionally, the lender lowered the five-year fixed stress rate from 4% to 3.5% for loans up to 75% LTV, with higher loans calculated at 4.5%.
Metro also no longer requires proof of income for self-funded BTLs and has reduced its rates for five-year fixes from 2.79% to 2.29%.
Mortgage Distribution Manager Charles Morley comments: “In a competitive market, it is important that customers and intermediaries have many options available for their individual needs.
“We are confident that these enhancements to our BTL range, along with our continued push towards more specialized mortgages, make Metro Bank an attractive option for an ever-widening range of mortgage customers.”
In other Metro Bank news, it is now part of the Mortgage Broker Tools (MBT) affordability research platform, allowing brokers to access affordability calculations directly from the lender.
MBT Managing Director Tanya Toumadj says, “The mortgage affordability landscape is increasingly diverse, with an increasing number of lenders specializing in lending to different types of customers.
“This is good news for brokers, as it means there is a better chance that a lender will be able to meet their client’s requirements. However, this also means that thorough research is an absolute necessity to ensure the right option is chosen, and this can take time.
“This is where a search platform can be so valuable – providing accurate results from multiple lenders in seconds.”
Morely adds, “By integrating with MBT Affordability, even more brokers will be able to offer more value, flexibility and choice to borrowers.”