Metro Bank has launched a new buy-to-let proposition for its customers, enabling them to hold up to 25 properties in their portfolio.
The lender will allow 25 buy-to-let properties up to a value of £5m and 75 per cent loan-to-value for the portfolio.
It will accept rental income to cover the interest commitment of the loan by 125 per cent, at a stress test rate of 5.5 per cent for the aggregation of the total loan.
Limited companies and individuals are both eligible, and there is no maximum size restriction for customers’ portfolios with other lenders.
The rates for the portfolio, up to 75 per cent LTV with a 1.5 per cent fee, are 4.09 per cent for a two-year tracker, 4.39 per cent for a two-year fixed rate, 4.59 per cent for a three-year fixed rate and 4.99 per cent for a five-year fixed rate.
Jason Oakley, managing director for commercial banking at Metro Bank, said: “We’ve launched the new proposition following feedback from customers and brokers that this would be a welcome development.
It was back in 2010 that Metro Bank was granted the first full service banking licence for a high street bank since the early 20th century.
emma.hughes@ft.com
