Complex Buy To Let
Metro targets professional landlords with rate reductions
Guest Author:
Heather Greig-SmithMetro Bank has reduced rates across its core buy-to-let range for professional landlords.
The lender said the changes were geared towards supporting the growing number of professional landlords. They include reductions on its three-year and five-year fixes and its 65% and 75% loan to value (LTV) trackers.
Prices now start from 3.09% and Metro has also launched a five-year fix from 3.59%.
Existing customers looking to switch to a new deal can also choose from a range of fee-free products.
Mark Stokes, managing director commercial banking at Metro Bank, said: “We’re absolutely committed to supporting the growing number of professional landlords, while also rewarding loyalty. Today’s announcement is just the first of a series of initiatives that we hope will help our customers grow and develop their portfolio.”
The Portfolio buy-to-let (PBTL) range is for limited companies, limited liability partnerships and professional individual investors, with up to 25 properties assessed on a cross collateralised basis. For limited companies and LLPs, the rental calculation of 125% at 5.5% applies or 2% over the pay rate, whichever is higher.
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The move follows rate reductions across Metro’s residential range earlier this year.