Metro Bank has made changes to its portfolio buy-to-let range.
Rates across its core range have been reduced by up to 30bps, with prices now starting from 3.09%.
| CORE RANGE
Portfolio Buy to Let – 65% LTV |
Product | Current | Reduction | New | Fee |
| 2-Year Tracker | 3.24% | 0.15% | 3.09% | 1.50% | |
| Base Rate + 2.99% | Base Rate + 2.84% | ||||
| 5-Year Tracker | 3.24% | 0.15% | 3.09% | 1.50% | |
| Base Rate + 2.99% | Base Rate + 2.84% | ||||
| 3-Year Fixed | 3.59% | 0.20% | 3.39% | 1.50% | |
| 5-Year Fixed | 3.99% | 0.30% | 3.69% | 1.50% | |
| New | New | 3.59% | 2.00% |
| CORE RANGE
Portfolio Buy to Let – 75% LTV |
Product | Current | Reduction | New | Fee |
| 2-Year Tracker | 3.54% | 0.25% | 3.29% | 1.50% | |
| Base Rate + 3.29% | Base Rate + 3.04% | ||||
| 5-Year Tracker | 3.54% | 0.25% | 3.29% | 1.50% | |
| Base Rate + 3.29% | Base Rate + 3.04% | ||||
| 3-Year Fixed | 3.79% | 0.20% | 3.59% | 1.50% | |
| 5-Year Fixed | 4.19% | 0.30% | 3.89% | 1.50% | |
| New | New | 3.79% | 2.00% |
For existing customers looking to switch to a new deal, the lender has introduced a range of new fee-free products, as well as offering reduced product fees across its core range.
| RETENTION RANGE | ||||
| LTV | Product Type | New Rate | Product fee | |
| 65% | 2-Year Tracker | 3.09% | 0.5% | |
| 5-Year Tracker | 3.09% | |||
| 3-Year Fixed | 3.39% | |||
| 5-Year Fixed | 3.69% | |||
| 3.59% | 0.75% | |||
| 2-Year Tracker | 3.34% | Nil | ||
| 5-Year Tracker | 3.19% | |||
| 3-Year Fixed | 3.54% | |||
| 5-Year Fixed | 3.79% | |||
| 75% | 2-Year Tracker | 3.29% | 0.5% | |
| 5-Year Tracker | 3.29% | |||
| 3-Year Fixed | 3.59% | |||
| 5-Year Fixed | 3.89% | |||
| 3.79% | 0.75% | |||
| 2-Year Tracker | 3.54% | Nil | ||
| 5-Year Tracker | 3.39% | |||
| 3-Year Fixed | 3.74% | |||
| 5-Year Fixed | 3.99% | |||
Mark Stokes, managing director of commercial banking at Metro Bank said: “We’re absolutely 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.”
The bank’s Portfolio buy-to-let 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. For limited companies and LLPs, the rental calculation of 125% at 5.5% applies or 2% over the pay rate, whichever is higher.