Metro Bank has made a number of changes to its buy-to-let (BTL) product line, including upping the maximum LTV and reducing rates.

As stated above, the maximum LTV offered for BTL purchase and remortgages has been increased from 75% LTV to 80% LTV, (including for new builds and flats), although at this level an arrangement fee of £1,499 applies.

As well as this, the lender has lowered the five-year fixed stress rate from 4% to 3.5% for loans at up to 75% LTV, with loans higher than this being calculated at 4.5%.

Metro also no longer asks for proof of income for self-funding BTLs and has cut its rates for five-year fixes, from starting at 2.79% to 2.29%.

Director of mortgage distribution Charles Morley comments: “In a competitive market, it’s important that customers and intermediaries have plenty of options available for their individual requirements.

“We’re confident that these enhancements to our BTL range, along with our ongoing push into more specialist mortgages, make Metro Bank an attractive option for an ever wider breadth of mortgage customer.”

In other Metro Bank news, it is now part of the Mortgage Broker Tools (MBT) Affordability research platform, allowing brokers to access affordability calculations direct from the lender.

MBT chief executive Tanya Toumadj says: “The mortgage affordability landscape is increasingly diverse, with a growing number of lenders that specialise in lending to different types of customers.

“This is good news for brokers as it means there is more likely to be a lender able to meet their client’s requirements. However, it also means that comprehensive research is an absolute necessity to ensure the right option is chosen, and that can be time consuming.

“This is where a research platform can prove so valuable – providing accurate results from multiple lenders in seconds.”

Morely adds: “By integrating with MBT Affordability, even more brokers will be able to provide greater value, flexibility and choice to borrowers.”