New buy to let mortgages for professional property investors launched
Mortgages for Business has launched two exclusive buy to let mortgage products from Metro Bank.
Aimed at professional investors with more complex requirements, the products are a two year tracker at 4.89% and a five year fixed at 5.25% to 65% LTV. Both products carry a rent to interest calculation of 125% at 5.5%.
‘These products work particularly well for landlords with 10 to 25 properties looking to borrow larger amounts for purchases and remortgages in London and the South East. We all know that prices for prime property in this region remain strong and these rates will help landlords realise investment ambitions here,’ said Mortgages for Business managing director David Whittaker.
He pointed out that investors will be attracted to the capital overpayment facility of up to 10% each year and the interest only option of up to 10 years. The products are also available trading businesses and SPV limited companies.
‘Metro Bank prides itself on offering its customers the very best in service and convenience. We are always looking for new ways to support our customers and believe there is plenty of room for more lenders to offer mortgages suited to professional residential investors,’ said Richard Saulet, director of mortgages and commercial delivery at Metro Bank.
‘When designing these products, we talked in depth to the team at Mortgages for Business and we’re very pleased to working in partnership with them to offer these new products,’ he added.