Metro Bank enters consumer buy-to-let market

Metro Bank enters consumer buy-to-let market

Metro Bank is now accepting consumer buy-to-let buy-to-let applications.

The lender says its new product will support those landlords where at least one of the applicants does not own any other buy-to-let properties and where they or a close family relative has resided in the property since its purchase.

Charles Morley, director of mortgage distribution at Metro Bank, said: “We’ve seen significant demand for this type of mortgage following the implementation of the European Mortgage Credit Directive and are pleased to now be able to offer the product to landlords up and down the country.

“Coming on the back of our announcement earlier this year on portfolio buy-to-let, today’s news demonstrates our ability to support an even wider range of customers and broker partners.”

Metro Bank underwrites mortgage applications on an individual basis to ensure that customers’ personal circumstances are taken into account.

Brokers have the ability to submit applications through the bank’s online mortgage portal that pays procuration fees and customers benefit from a single, dedicated underwriter.