It has reduced its stress test rate on five-year BTL mortgages from 5.5% to 4.5%, given the longer-term nature of the product.
In addition, the company has increased the maximum age for a BTL applicant at the end of the term from 80 to 85.
This decision was made to assist more borrowers who may want to continue using a BTL property to help with their retirement planning.
Its existing BTL offering includes having no minimum income requirements, allowing up to four applicants, and enabling them to use top slicing from their earned income.
- Albatross Capital secures further funding and ups max loan size
- Metro Bank agrees to acquire RateSetter
- Metro Bank to focus on specialist mortgages after £130m pre-tax loss
Charles Morley, director of mortgage distribution at Metro Bank (pictured above), commented: “This is an important first step on our specialist mortgages journey.
“Our BTL range is now more flexible than ever before, with a truly specialist offering that provides the full range of options for borrowers, many of whom are struggling to get a mortgage due to the challenges of the coronavirus pandemic.
“We have plenty more planned over the next 12 months as we embark on our mission to become the UK’s leading specialist mortgage lender, offering products as individual as our customers are.”
Leave a comment