Metro Bank enhances BTL stress rates and reduces pricing across both residential and BTL products
Metro Bank has reduced its pricing across both its residential and buy-to-let product ranges. It has also enhanced its buy-to-let stress rates.
Charles Morley, director of Mortgage Distribution at Metro Bank comments: “These product enhancements have been driven by feedback from brokers as they seek to help as many customers as possible to achieve their property goals across both the residential and buy to let sectors. We expect a busy end of year moving into 2024 and we’re delighted to roll out these changes today and offer more choice to the market.”
A closer look at the changes across Buy-to-Let and Residential products:
Buy to Let
Enhanced stress rates including Top Slicing:
| Product/Criteria | ICR | Stress Rate |
| 2 year fixed | 140% | Pay rate + 2% |
| 5 year fixed | Pay rate + 0.5% | |
| Pound-for-Pound Remortgages | Pay rate + 0.5% | |
| Background Portfolio (Portfolio Landlords) | 5.5% | |
| Background Portfolio (Non – Portfolio Landlords) | 100% | None |
| Use of Earned Income (Top-slicing) | Dependent on product selection, as above. Conditions apply. |
Rates now starting from:
2 year – 4.79% with a 4% fee or 5.79%, with a £1,999 fee
5 year – 4.99% with a 4% fee or 5.49%, with a £1,999 fee
Residential
Rates are reduced between 30 – 70 bps across New and Existing Customer Ranges
