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
Buy to Let Loan increased to £2m and Improvements to Property Type
BUY TO LET MAXIMUM LOAN INCREASED TO £2M
We have increased our maximum loan size for 75% LTV buy to let products from £750,000 to £2m.
We will now also accept thatched roofs and ex‑local authority flats.
Buy to Let enhancements
- NEW – maximum loan size for 75% LTV products now £2m
- NEW – 5 year fixed stress rate 3.5% at 140% of the mortgage interest amount calculated for loans up to 75% LTV, 4.5% at 140% of the mortgage interest amount calculated for loans above 75% LTV – download our Rental Criteria Guide
- NEW – 80% LTV products with rates starting from 3.29%, maximum loan size of £500,000
- NEW – no longer require income proof for self‑funding buy to lets
- NEW – we have reduced our 5 year fixed rates with rates now starting from 2.29%
- NEW – available on New Build on houses and flats up to 80% LTV
Use our Buy to Let calculator to find out how much your customer could borrow
Property enhancements
- NEW – Thatched Roof – Accepted – subject to surveyor / valuer’s comments. For thatched roof applications, you will need to select “roof type – other” and use the ’Send a message‘ function to add a note to explain it is thatched.
- NEW – Ex‑local authority flats – Accepted – subject to a maximum number of stories in the block of 6. Deck access is accepted subject to surveyor / valuer’s comments. Use the ‘Send a message’ function to add a note to explain it is an ex-local authority flat.
For full details on the points above, please refer to our Mortgage Mortgage Lending Criteria Guide and Product Guides.
Download our updated Packaging Checklist.