Metro Bank launches new HMO and MUFB products
Metro Bank has today launched its latest specialist lending product, Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFB). These new products further cement the bank’s buy-to-let product range which is also available to limited company applicants.
The new products will largely follow the same criteria requirements as the bank’s core buy-to-let offering, ensuring clarity and simplicity for brokers and consumers. The breadth of Metro Bank’s solicitor panel also contributes to removing unnecessary friction in the transaction.
Charles Morley, head of mortgage distribution at Metro Bank comments: “HMO properties have become essential within the property ecosystem for renters and landlords alike. We know that these types of properties are great for landlords looking to expand their property portfolio, due to their higher income potential. As an award-winning specialist lender, we understand how important consistency and simplicity is to brokers and landlords, this is why our criteria is consistent across our entire buy-to let range.”
Product specifications:
Maximum 75% LTV (70% LTV for loans greater than £1m)
- Standard BTL ICR and stress rates apply
- Maximum 6 tenants for HMO, 6 units for MUFB (each unit must be on a single AST)
- Available on both personal names or limited company
- Student Lets and Tenants on benefits can be considered
- Broad solicitor panel
- Less than perfect credit profiles considered