Metro Bank has enhanced its buy-to-let stress rates and reduced pricing in its residential and buy-to-let product ranges.
In its buy-to-let range, the two-year fixed rate stress rate is the pay plus two per cent and for five-year fixed rate pound-for-pound remortgages, the stress rate stands at the pay rate and plus 0.5 per cent.
The stress rate for background portfolio for portfolio landlords is 5.5 per cent and is none for background portfolio for non-portfolio landlords.
The use of top slicing is dependent on product selection.
The interest coverage ratio is 140 per cent for two and five-year fixed rates, pound-for-pound remortgages and portfolio landlords. It is 100 per cent for non-portfolio landlords and top slicing.
Buy-to-let two-year fixed rates start from 4.79 per cent with a four per cent fee or 5.79 per cent with a £1,999 fee.
Five-year fixed rates begin from 4.99 per cent with a four per cent fee or 5.49 per cent with a £1,999 fee.
Residential rates have been cut by between 0.3 to 0.7 per cent across new and existing customer ranges.
Charles Morley (pictured), director of mortgage distribution at Metro Bank, said: “These product enhancements have been driven by feedback from brokers as they seek to help as many customers as possible to achieve their property goals across both the residential and buy to let sectors.
“We expect a busy end of year moving into 2024 and we’re delighted to roll out these changes today and offer more choice to the market.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
