Metro Bank has announced it is changing its criteria for buy-to-let (BTL) lending.
The lender suggested the move is designed to make the bank a more specialist lender to support a growing number of customers.
The bank 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, while the maximum age for a BTL applicant at the end of their term has been increased from 80 to 85.
Metro Bank indicated that it had made this decision to assist more borrowers who may want to continue using a BTL property to help with their retirement planning.
“This is an important first step on our specialist mortgages journey,” said Metro Bank director of mortgage distribution, Charles Morley.
“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.”
Latest News
-
Inflation remains at 3.8% in August
-
UK house price growth slows to 2.8% in July – ONS
-
Third of UK adults relying on inheritance to fund retirement
-
Govt has failed to act on lifetime ISA recommendations – Treasury Committee
-
Becketts acquires Swallow Financial Planning
-
‘Fear of rejection’ biggest barrier for one in three aspiring buyers
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories