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.

Related topics:  Mortgages
Rozi Jones
11th January 2022
Metro Bank
"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.”

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