Number of properties on which a BTL customer can borrow has increased to 10
Metro Bank has announced enhancements to the criteria for its interest only and buy-to-let mortgages.
Interest only mortgages now offer a higher loan-to-value (LTV) ratio of 80%, with the minimum property value requirement removed for those using the sale of the mortgage property as a repayment strategy.
However, a minimum of £250,000 must be comprised of equity, capital repayment, and/or other interest-only repayment strategies.
Buy-to-let customers will also benefit from several improvements.
Affordability stress rates will now match the product interest rate when a five-year fixed rate is chosen or for remortgage applications without additional capital raising.
The number of properties a customer can mortgage with Metro Bank has also been increased to 10, with a maximum aggregate mortgage debt of £10 million. Additional updates to income coverage ratios have also been implemented.
“Today’s changes take us even closer towards our goal of being the number one specialist lender on the high street,” said Charles Morley (pictured), director of mortgage distribution at Metro Bank. “From speaking to our broker network, we know that these changes will be welcomed, and we trust that this will also be felt by homeowners and property investors across the country.”
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