- The lender has removed the maximum accepted annual rental limit – previously set at £100,000
Metro Bank has removed the maximum accepted annual rental limit of £100,000 across its Buy to Let product range, bringing greater flexibility for customers with higher rental income properties.
Charles Morley, Director of Mortgage Distribution at Metro Bank comments:
“Metro Bank is committed to the Buy to Let market and to being the number one specialist lender on the high street. Removing annual rental limits for rented properties means that we can continue to support landlords across the country.
The changes in detail:
- Tenancy:
- Common Law Tenancies where rental is over £100,000 and the term is a maximum period of 12 months are now acceptable. Other types of Common Law Tenancies, such as letting to a company or the Landlord being resident, are not accepted.
- All other terms and conditions remain unchanged