Metro Bank has led its latest repricing with reductions across its buy-to-let range, cutting rates by up to 40bps for both personal and limited company landlords. Buy-to-let rates now start from 2.99%, strengthening the bank’s positioning in a competitive landlord lending market.
The lender confirmed the changes take effect from 5 February and also apply to its wider residential, near prime and large loan mortgage products.
Charles Morley, director of mortgage distribution at Metro Bank, said: “As a specialist lender we’re constantly assessing the competitiveness and criteria of our product range, across both our residential and buy-to-let ranges.” He added: “Today’s reprice is just one way we aim to meet the needs of brokers and borrowers, alongside our industry-leading criteria and customer service.”
Metro Bank also recently increased its income multiples, allowing eligible customers to borrow up to 6x income, a move aimed at improving affordability for higher-earning borrowers and those purchasing more expensive homes.
The full changes include:
Buy-to-let
For existing and new personal and limited company borrowers, Metro Bank repriced its core buy-to-let range by up to 0.4%.
Residential
For existing and new customers moving home, all two-year products fall by 0.4%, with remortgages now available up to 95% LTV.
For large loans over £1m, two-year products are reduced by 0.4% for borrowing up to 85% LTV.
Near prime
For customers with less-than-perfect credit profiles, the near prime range is reduced by up to 0.3% for both new and existing borrowers.
