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Challenger bank slashes rates on portfolio BTL range
Metro Bank has revealed a host of changes to its portfolio buy-to-let (PBTL) range as it looks to support the growing number of professional landlords.
The challenger bank has reduced rates on its three- and five-year fixed by up to 30 basis points (bps) and by up to 25bps on its 65% LTV and 75% LTV trackers.
Metro has launched a new five-year fix from 3.59%, while rates across its core range have been reduced by up to 30bps, with prices now starting from 3.09%.
The lender has also introduced a range of new fee-free products for existing customers looking to switch to a new deal as well as offering reduced product fees across its core range.
Mark Stokes, managing director of commercial banking at Metro, said it was committed to supporting the growing number of professional landlords, while also rewarding loyalty.
“Today’s announcement is just the first of a series of initiatives that we hope will help our customers grow and develop their portfolio.”
“Exclusively designed for professional landlords, the bank’s portfolio BTL range allows limited companies, limited liability partnerships and professional individual investors – with up to 25 properties assessed on a cross collateralised basis – to choose from a number of product options specifically designed for their needs.
“For limited companies and LLPs, the rental calculation of 125% at 5.5% applies or 2% over the pay rate, whichever is higher.”
Mark added that Metro’s commercial property team was made up of a team of experienced specialists who are able to support customers across mortgages, finance and day-to-day banking.
“Committed to offering the best in service and convenience to its customers, PBTL customers benefit from a dedicated relationship manager and all applications are underwritten on an individual basis to ensure that customers’ personal circumstances are taken into account.
“What’s more, Metro Bank does not sell bank assurance or insurance, allowing it to focus entirely on fulfilling customers’ mortgage needs.”
Visit the bank’s website to view the full range of PBTL changes at Metro Bank.
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