Mortgage News
Metro Bank enters consumer buy-to-let market
Metro Bank has confirmed it is entering the consumer buy-to-let (BTL) market.
The bank said it was making the move following “significant demand” from borrowers.
It will support landlords where at least one of the applicants does not own any other BTL properties and where they or a close family relative has resided in the property since its purchase
Metro Bank director of mortgage distribution Charles Morley (pictured) said: “We’ve seen significant demand for this type of mortgage following the implementation of the European Mortgage Credit Directive and are pleased to now be able to offer the product to landlords up and down the country.
“Coming on the back of our announcement earlier this year on portfolio BTL, today’s news demonstrates our ability to support an even wider range of customers and broker partners.”
The lender has lowered interest rates for professional landlords and residential purchasers this year.
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This follows the announcement that its mortgage lending grew 67% in 2016.