Metro Bank widens BTL mortgage range for professional investors
Metro Bank has launched two residential buy to let (BTL) products for professional property investors.
The products, aimed at investors with a maximum of 25 properties in their portfolio who rely on income solely from property, will now be available to Metro Bank’s broker partners and NACFB members.
The products are a two-year tracker at 4.89 per cent and a five-year fixed rate at 5.25 per cent aimed at professional investors. Both products carry a rent to interest calculation of 125 per cent at 5.5 per cent. Customers can refinance a maximum of 10 properties at one time with aggregated exposure of GBP2.5m to 65 per cent LTV.
Investors will be attracted to the capital overpayment facility of up to 10 per cent each year as well as the interest-only option of up to 10 years. The products are also available to trading businesses and SPV limited companies.
Richard Saulet, director of mortgages and commercial delivery at Metro Bank, says: “We are always looking for new ways to support our customers and bring them the best in service and convenience. We believe there is plenty of room for more lenders to offer mortgages suited to professional residential investors, and are pleased to be able to support this group through today’s extension.”