Metro Bank improves its £1 million plus buy-to-let rates
Metro Bank has lowered its buy-to-let mortgage rates available to landlords with up to six properties.
The lender is now offering a two-year fix at 2.89% and a five-year fix at 3.89%.
Both rates are available for mortgages between £1 million and £1.5 million. Although larger loans are available though the bank.
Aaron Strutt, product manager at Trinity Financial, says: “Borrowers will need a deposit of 25% to access these rates and they both have 0.5% arrangement fees. They have the same APR at 4.5%.
“Not all of the lenders are happy to offer buy-to-let mortgages over £1 million, but there are more options than there used to be.”
Some of the buy-to-let mortgage rates are particularly well priced at the moment and they are not a huge amount more expensive than a host of the residential mortgages.
Metro Bank’s buy-to-let rental calculation is 125% of the mortgage payment, assessed at a rate of 5.50%.
After the fixed rates, these mortgages revert to the lenders standard variable rate, currently 4.5%.
If you would like help to secure a buy-to-let mortgage, call Trinity on 020 7016 0790.
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