Metro Bank adds tracker rate to professional landlord mortgage range

by Aaron Strutt

Jul 19 2015

Metro Bank has added a tracker rate to boost its range of buy-to-let professional landlord mortgages.

The bank has a specialist buy-to-let lending arm allowing landlords to have up to 25 properties with them to a maximum of £5 million.

The new buy-to-let mortgage tracks the Bank of England base rate plus a margin of 3.59% for two years giving an initial pay rate of 4.09%. 

After the tracker period the mortgage reverts to the lender's standard variable rate, which is currently 4.5%. 

There is a 1.5% product fee and the overall cost for comparison is 4.7% APR.

Aaron Strutt, product manager at https://www.trinityfinancialgroup.co.uk/mortgages/Trinity Financial, says: “The landlord range has been popular since it was launched last year because most lenders don’t allow landlords to have so many properties with them. As there is a cap of £5 million many landlords tend to remortgage five or six flats or houses to them.

“They will lend to limited companies and borrowers will need to have a 25% deposit in order to qualify. There are also geographical restrictions so properties typically need to be located around London and the south-east.”

For help to secure a buy-to-let mortgage, call Trinity on 020 7016 0790.