Metro Bank has at this time launched its first Limited Company Buy-to-Let product as a part of its continued deal with changing into a number one specialist lender.
The financial institution’s new merchandise provide a most LTV of 75% with present rates beginning at 3.99%.
The mortgage curiosity quantity is calculated on the identical fee of 125% as for the lender’s customary purchase to let stress rates.
To qualify the company have to be non-trading and limited to solely holding residential property and never engaged in wider actions, i.e. it have to be an SPV.
Up to 4 administrators and shareholders are accepted and no minimal revenue is required. However no less than one director have to be incomes an revenue aside from rental.
The most age permissible for an applicant is 85.
Metro Bank director of mortgage distribution Charles Morley says: “Launching a Limited Company Buy-to-Let product has been on our agenda for a while and we’re actually excited for it to go reside at this time as we proceed our journey to changing into the primary specialist lender on the excessive road.
“Owning a property portfolio inside a Limited Company moderately than as a person can carry an a variety of benefits. While Limited Company Buy-to-Let is already an established market, we see the potential for it to develop even additional.”
