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Metro Bank Buy to let lending criteria

Metro Bank Buy to let lending criteria

Metro Bank - Buy to let Lending criteria

Notes: The following information may contain errors. We have not verified this information with the lender.

Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

Mortgage Product

 

Advances
Upto 1,000,000 75% LTV (Rmg 75%)

Notes
Mortgage is Portable, Mortgage is Flexible, 10% Overpayments allowed per year.

If you move house you may be able to transfer the amount outstanding on your mortgage to another property provided you still meet our lending criteria at the time of application for the new mortgage.
Fees may be charged when you transfer your mortgage. If you transfer your mortgage within the period when Early Repayment Charges are applied, you may not have to pay the Early Repayment Charges if the purchase of the new property completes within 30 days of the discharge of this mortgage and the new mortgage is for an amount equal to or more than this mortgage. For full details of terms and conditions please see section 18 of the Mortgage Conditions headed ‘Transferring your Loan to another property’.

- Mortgage is NOT for First time buyers
- Mortgage is an EXCLUSIVE product
A Buy to Let re-mortgage for an unencumbered property is available on this product, all fees apply -- minimum loan size 150,000.)

Available for properties in England and Wales only.

Free valuation, legal assist and cashback features do not apply to loans to incorporated entities including Limited Company and LLP applications.


Limited Company acceptable.
Free valuation, legal assist and cashback features do not apply to loans to incorporated entities including Limited Company and LLP applications.

We will only accept overpayments of 500 or more. You can make overpayments up to 10% of the amount borrowed in each 12 month period. Overpayments which exceed this amount will incur an early repayment charge as outlined in section 10.
If you make an overpayment or lump sum payment then the amount you owe, and so the amount of interest you pay, is reduced immediately. If you make overpayments and want your regular mortgage payments to be reduced, you must tell us.


Buy to Let : Accepted, Max properties 6
Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment 75% LTV
PEP 75% LTV
Pension 75% LTV
Interest only (no RV) Yes
With Profits 75% LTV
Unit Linked 75% LTV
ISA 75% LTV
Split Repayment 75% LTV

Fees


Arrangement : varies Can be Added
Booking : None

Early Repayment Charges
During fixed and discount rates. 10% capital repayments allowed per year without penalty

Higher Lending
None

Valuation
Basic:
upto 200,000 - 200
upto 300,000 - 300
upto 400,000 - 400
upto 500,000 - 500
upto 600,000 - 600
upto 750,000 - 700
upto 1,000,000 - 800

Min Valuation 150000


Lenders Conveyancing Fee - 165.00 Payable on completion. Legal fees payable to your conveyancer. The figure quoted here is an estimate - the total fee for the conveyancing may be higher.
Funds Release Fee - 35.00 Payable on completion.
Discharge Fee - 150.00 Payable on redemption.

Acceptable Property Types


Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat No
Flying Freehold Refer
Thatched Refer
Timber Framed Refer
Concrete Refer
Agricultural Tie No
Flat Over 4 Storeys Refer
Listed Building Refer

Not Accepted
New Build acceptable.
Min Lease at outset : 50 years plus term of mortgage.

For new build houses and flats (I.e. build within the past 12 months), the Bank will lend up to a maximum 60% LTV.


Accepted Locations : England, Wales

Requirements


Bank Statements 3 months
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan 50,000/Rmg 50,000
Max Loan 1,000,000/Rmg 1,000,000
Max Portfolio of BTL Loans 6
Min Age 18 years
Max Age 70 years
Min Term 5 years
Max Term 25 years

Documents are required for a deposit.

It is a condition of this mortgage being granted that buildings insurance is in place at completion of the mortgage with a minimum value of the reinstatement value of the property as set out in the valuation obtained in connection with this mortgage. You are required to provide evidence of buildings insurance prior to completion of this mortgage. We recommend that you have contents insurance in place.

Foreign Citizens Refer
Ex-Patriates Not Accepted

Income Multipliers
Rental Income must be 125% of the monthly mortgage payments when calculated using a rate of 5.5%.

Min months in current position 6
Min months in continuous service 12
Min no. of years accounts 3
Average years taken to calculate income 3
Will consider declining profit No

Outgoings

Rental income must be 125% of the monthly mortgage payments when calculated using a rate of 5.5%.


Rental Income must be 125% of the monthly mortgage payments when calculated using a rate of 5.5%.

Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft NOT Taken into account
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 50% to income before multiply
Other Income - Irregular No
Investment Income Add 100% to income before multiply
Mortgage Subsidy Refer to Lender
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension No
Car Allowance Add 100% to income before multiply

Remortgage


Capital Raising 75%
Home Improvements 75%
Debt Consolidation 75%
School Fees 75%
Holidays/Cars 75%
Buy Other Property 75%
Business Purposes Not accepted
Divorce Settlement 75%
Unencumbered 75%



Adverse Credit
CCJs/Defaults : Accept:
1) Max 1 Defaults to a max of 500.00. These must be fully paid at least 6 months ago or over prior to application. This condition does not incur any rate loading.
2) Max 1 CCJs to a max of 500.00. These must be fully paid at least 6 months ago or over prior to application. This condition does not incur any rate loading.
Arrears : Accept:
1) No arrears (paid or unpaid) in the last 24 months. This condition does not incur any rate loading.
Bankruptcy/IVAs : Accept:
1) IVA must be discharged at least 3 years prior to application. This does not incur any rate loading.
2) Bankruptcy must be discharged at least 3 years prior to application. This does not incur any rate loading.
Repossessions : Not accepted.