Metro Bank has unveiled its first limited company BTL product, as part of its focus on becoming a specialist lender.
The new option offers BTL loans at maximum 75% LTV for limited company borrowers (maximum age of 85), with up to four directors/shareholders accepted — they must be the same people and have 100% shareholding.
The bank also accepts portfolio landlords who have a maximum of 10 properties mortgaged with Metro Bank (under £10m aggregated debt), or have a maximum of 10 properties in total.
The limited company must be non-trading and must be limited to solely holding residential property and not engaged in wider activities (must be an SPV).
There is no minimum income requirement, but at least one director must be earning an income other than rental.
Charles Morley, director of mortgage distribution at Metro Bank, said: “Launching a limited company BTL product has been on our agenda for some time, and we’re really excited for it to go live today as we continue our journey to becoming the number one specialist lender on the high street.
“Owning a property portfolio within a limited company rather than as an individual can bring a number of benefits.
“While limited company BTL is already an established market, we see the potential for it to grow even further.”
