Mortgages  

Metro Bank widens its intermediary lending area

Metro Bank has widened its lending area for intermediaries, meaning brokers can submit clients’ residential and buy to let mortgage applications for properties across England and Wales.

Charles Morley, head of mortgage distribution for the bank, said: “Extending our lending area to cover the whole of England and Wales is a direct response to the conversations we have had with intermediaries, and we are confident that it will be a positive development for our partners.”

This comes after the bank launched a buy-to-let proposition, which would help landlords and property investors to hold up to 25 properties in their portfolio.

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The mortgage will be for a total 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.