A Metro Bank spokesperson said: “Following a review of our buy-to-let (BTL) product range, we can confirm that we have withdrawn our commercial portfolio buy-to-let products from the broker market, for new clients.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.”
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.”