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
Metro Bank enhances Interest Only and Buy to Let criteria
FURTHER POLICY ENHANCEMENTS
We have listened to your feedback and made some positive changes to our lending criteria to help you help more customers.
Interest Only
Maximum amount on interest only increased to 80% LTV, part and part without sale of subject property remains at 85% LTV
Removal of £600k minimum property value when using sale of mortgage property as a repayment strategy – a minimum of £250k must be made up of equity, capital repayment and/or other interest only repayment strategies (subject to loan to value restrictions)
Buy to Let
Revised Interest Cover Ratio – download our updated Rental Criteria Guide
5 year fixed and pound for pound remortgages now stressed at payrate
Portfolio Buy to Let – maximum number of buy to let mortgaged properties with Metro Bank increased to 10 or £10m in buy to let lending, whichever binds first. A maximum of 10 Buy to Let properties owned (mortgaged or unencumbered, including within limited companies) in total also applies
Our Buy to Let calculator has been updated in line with these enhancements – use our Buy to Let calculator to find out how much your customer could borrow.
For full details on the points above, please refer to our Lending Criteria Guide and Product Guides. Download our updated Packaging Checklist.