Metro Bank has launched a new portfolio buy-to-let proposition.
Customers will now be able to extend their Metro Bank portfolios to 25 properties, up to value of £5m and 75% LTV aggregated for the portfolio. The bank will accept rental income to cover the interest commitment of the loan by 125%, at a stress test rate of 5.5% for the aggregation of the total loan.
Limited companies and individuals are both eligible, and there is no maximum size restriction for customers’ portfolios with other lenders.
The rates for the portfolio are as follows, with all rates available up to 75% LTV with a 1.5% fee:
- Two-year tracker at 4.09%
- Two-year fixed rate at 4.39%
- Three-year fixed rate at 4.59%
- Five-year fixed rate at 4.99%
Jason Oakley, managing director for commercial banking at Metro Bank, said: “This is an exciting development for Metro Bank, and for our customers. We’ve launched the new proposition following feedback from customers and brokers that this would be a welcome development.
“We’re committed to providing our customers with products and services that suit their needs, as well as high levels of service and convenience, and the new offering will be a great advantage to those with larger portfolios.”
