Metro Bank improves ‘flexible’ mortgage range to help Britons amid second lockdown
Mortgages have arguably been difficult for many to arrange recently, particularly given the increase in demand on the market. However, many are still keen to embark upon this journey and are searching for an option which will fit them best. Metro Bank, a familiar name on Britain’s high streets, has announced it is stepping in to a particular part of the market, offering a better stress rates for its products.
The change particularly relates to Buy to Let (BTL) lending, a growing market for budding landlords.
Many have stepped into this market in the hopes of making money through renting out a property, which may be used to meet certain life goals.
Metro Bank’s BTL offering has no minimum income requirements, and so is likely to be a favourable option for many Britons.
However, the bank has also altered its rates to support customers looking into this type of mortgage.
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People must meet a certain set of eligibility criteria to apply for a Buy to Let offering with Metro Bank.
They must be aged 21 or over, and buying a property in England or Wales.
In addition, they are also required to be a home owner already.
And for those hoping to accelerate their mortgage arrangement, there are also options on offer.
Metro Bank allows Britons to pay off up to 10 percent each year without any early repayment charges – which could help in the quest to become mortgage free.
Charles Morley, Director of Mortgage Distribution at Metro Bank, commented on the new range.
He said: “This is an important first step on our specialist mortgages journey.
“Our Buy to Let range is now more flexible than ever before with a truly specialist offering that providers the full range of options for borrowers, many of whom are struggling to get a mortgage due to the challenges of the coronavirus pandemic.
“We have plenty more planned over the next 12 months as we embark on our mission to become the UK’s leading specialist mortgage lender, offering products as individual as our customers are.”
For those hoping to enter into a buy-to-let arrangement, the Money Advice Service told Britons to take certain steps.
Firstly, people are advised to conduct research into the type of product they are looking for to suit their needs.
In addition, Britons should be aware of a range of taxes such as mortgage interest tax relief, income tax and capital gains tax which may be applicable to their circumstances.
Finally, people may wish to consider speaking to a mortgage advisor before entering into an arrangement.
This is because these individuals are likely to be able to provide expertise and tailored guidance to suit a person’s needs.
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