Metro Bank enters limited company buy-to-let mortgage market
Metro Bank for Intermediaries is the latest lender to launch into the Limited Company Buy-to-Let market to compete with the other providers targeting landlords.
Landlords will need a 25% deposit to qualify for Metro Bank's limited company mortgages, although they will not need a minimum income to qualify. The income requirement is subject to rental void plausibility checks and at least one director receiving an income other than rent.
Metro Bank’s limited company buy-to-let mortgages are available to older borrowers up to age 85. A portfolio landlord can also have a maximum of 10 properties with Metro Bank or 10 properties in total.
Aaron Strutt, product director at Trinity Financial, says: “The Mortgage Works, Precise and Paragon are probably the biggest lenders in the limited company space so there is a fair bit of competition.
"Buy-to-let rates tend to vary between lenders. There are high arrangement fees and low rate options. For example, one lender has a sub-5% fixed rate but a huge 5% arrangement fee. Although lenders like The Nottingham have slightly higher limited company rates, but fees range between £999 and £4,999.
Metro Bank specifies it accepts three limited company SIC codes including:
- 68100 - Buying and selling of own real estate.
- 68209 - Letting and operating of own or leased real estate.
- 68320 - Management of real estate.
Call Trinity Financial on 020 7016 0790 to secure a limited company buy-to-let mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
The Financial Conduct Authority does not regulate most Buy to Let Mortgages
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