Metro Bank has launched new products for houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB). The new products expand the bank’s buy-to-let product range which is also available to limited company applicants.
The new products will largely follow the same criteria requirements as the bank’s core buy-to-let offering.
Products are available up to 75% LTV (70% LTV for loans greater than £1m) and standard buy-to-let ICR and stress rates apply.
A maximum of six tenants for HMO and six units for MUFB (each unit must be on a single AST) are permitted.
Student lets and tenants on benefits can be considered, alongside less than perfect credit profiles.
Charles Morley, head of mortgage distribution at Metro Bank commented: “HMO properties have become essential within the property ecosystem for renters and landlords alike. We know that these types of properties are great for landlords looking to expand their property portfolio, due to their higher income potential.
“As an award-winning specialist lender, we understand how important consistency and simplicity is to brokers and landlords, this is why our criteria is consistent across our entire buy-to-let range.”
