Metro Bank has launched new buy-to-let (BTL) products for houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB), now open to both individual and limited company applicants.
Product details include a maximum 75% loan-to-value (LTV), dropping to 70% for loans over £1m.
Standard BTL income coverage ratios and stress rates apply.
Additionally, there is a maximum of six tenants for HMOs and six units for MUFBs, with each unit needing a single assured shorthold tenancy.
The products are open to those with less-than-perfect credit profiles, and both student lets and tenants on benefits can be considered.
Charles Morley, head of mortgage distribution at Metro Bank, said: “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.”
