Two exclusive buy-to-let products have been launched by Mortgages for Business from Metro Bank.
The products are aimed at professional investors with more complex requirements; they are a 2 year tracker at 4.89 per cent and a 5 year fixed at 5.25 per cent to 65 per cent LTV. Both products carry a rent to interest calculation of 125 per cent at 5.5 per cent.
Commenting on the exclusive, Mortgages for Business managing director David Whittaker said: “We’re delighted with this exclusive. These products work particularly well for landlords with 10-25 properties looking to borrow larger amounts for purchases and remortgages in London and the South East. We all know that prices for prime property in this region remain strong and these rates will help landlords realise investment ambitions here.”
Investors will be attracted to the capital overpayment facility of up to 10 per cent each year and the interest-only option of up to 10 years. The products are also available trading businesses and SPV limited companies.
Richard Saulet, director of mortgages and commercial delivery at Metro Bank, said: “Metro Bank prides itself on offering its customers the very best in service and convenience. We are always looking for new ways to support our customers and believe there is plenty of room for more lenders to offer mortgages suited to professional residential investors.
“When designing these products, we talked in depth to the team at Mortgages for Business and we’re very pleased to working in partnership with them to offer these new products.”
