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Metro Bank unveils professional landlord mortgages

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20/08/2013
Metro Bank has launched two residential buy-to-let properties targeted at professional landlords.

The products are designed for borrowers with up to 25 properties in their portfolio who rely on income from their buy-to-let investments. Borrowers can refinance a maximum of ten properties with a total exposure of £2.5m at 65% loan-to-value.

The challenger bank’s mortgages and commercial delivery director Richard Saulet said:

“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.”

Metro Bank’s products are a two-year tracker at 4.89% and a five-year fixed rate at 5.25%.

Both products carry a rent-to-interest calculation of 125% at 5.5%. Borrowers may overpay up to 10% of capital each year or take out an interest-only loan for up to ten years.

The mortgages are also available to trading businesses and special purpose vehicle limited companies.

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