Metro Bank has confirmed it pulled its portfolio commercial buy-to-let (BTL) products earlier this week, and continues to offer residential buy to let, but would not be drawn on its strategic plans.
A Metro Bank spokesperson said: “Following a review of our buy-to-let (BTL) product range, we can confirm that we have withdrawn our commercial portfolio buy-to-let products from the broker market, for new clients.
“We will continue to offer products to support our existing customers. Residential buy to let however continues to be a key part of our mortgage offering and we remain committed to providing customers and brokers with competitive rates, alongside the great service that they have come to expect from us.”
The figures
As reported in January, Metro Bank’s share price also plunged by 29 per cent, after the bank said slowing growth would hit its profits.
Underlying profits at the bank reportedly rose to £50m, up 138 per cent year-on year as reported in latest results. However, the bank’s risk-weighted assets also rose to £8.9bn driven by loan growth and the adjustment of certain commercial loans secured on property, as well as specialist buy-to-let loans to large portfolio landlords.
The lender reported a 48% increase of total customer loans to £14.2bn in the year to the end of 2018, from £9.6bn in 2017.
On plans to return to the portfolio BTL market, the bank said: “We’ll continue to keep various market segments and channels under review and act accordingly in support of our growth strategy.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.