Metro Bank have announced a broker update, available below. Contact us to see how we help brokers like you across the UK, Alternatively please refer to our Mortgage Lending Criteria Guide and Product Guides.
Announcement
LIMITED COMPANY BUY TO LET LAUNCH
Hot off the press! Today, Metro Bank has launched into Limited Company Buy to Let, this will enable us to support a wider breadth of customer with their mortgage needs.
Limited Company Buy to Let highlights
- Maximum 75% LTV
- 125% of the mortgage interest amount calculated at our standard Buy to Let stress rates
- Up to four Directors/Shareholders accepted. They must be the same people and have 100% shareholding
- No minimum income (subject to rental void plausibility checks) but at least one Director must be earning an income (other than rental)
- Portfolio landlord accepted – maximum of 10 properties with Metro Bank (under £10m aggregated debt), maximum of 10 properties in total
- Maximum age 85 (mortgage term based on the oldest applicant)
- Limited Company must be non-trading and must be limited to solely holding residential property and not engaged in wider activities (must be an SPV). Acceptable SIC codes:
- 68100 – Buying and selling of own real estate.
- 68209 – Letting and operating of own or leased real estate.
- 68320 – Management of real estate
Our Buy to Let calculator has been updated in line with these enhancements – use our Our Buy to Let calculator to find out how much your customer could borrow.
For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides