Metro Bank has announced that it is now accepting consumer buy-to-let (BTL) mortgage applications.
The new product will support those landlords where at least one of the applicants does not own any other BTL properties and where they or a close family relative has resided in the property since 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.”
Brokers can submit applications through the bank's online mortgage portal, which pays procuration fees, while customers benefit from a single, dedicated underwriter.
“Coming on the back of our announcement earlier this year on portfolio BTL, today's news demonstrates our ability to support an even wider range of customers and broker partners,” Charles added.
Metro Bank recently announced the acquisition of a UK mortgage portfolio for £596.7m.
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