In 2010, a new bank appeared on the UK high street. The first new high street bank in the UK in around 150 years in fact! With a big blue, white and red sign, people couldn’t help but stop and see what the new ‘Metro Bank‘ was all about. As you can probably guess, metro bank is short for metropolitan bank meaning the bank of a large busy city. That’s why it launched in the UK’s capital London and has branched out to numerous other cities over the years. Metro Bank immediately took the country by storm with deals and rates not offered by the likes of NatWest and Halifax, but 13 years later it still isn’t necessarily the first bank that comes to mind when you think of mortgages. Here is a little breakdown of what Metro bank currently offers.
Metro Bank Mortgage Criteria
As part of the PRIMIS mortgage network, Oportfolio advisors have access to many different mortgage lenders. One of these being Metro. In a message sent out to Oportfolio this morning, Metro representatives reminds us of the great quirks and niches in their mortgage criteria that they currently offer.
New Criteria
- Enhanced income multiples reintroduced for residential re-mortgages and purchases (minimum income levels apply) Meaning higher lending based on income.
- Reduced product fees across new business ranges (excluding Large Loan Range) Meaning products are cheaper for borrowers to secure.
- Re-introduction of Legal-assist re-mortgage products across Core & Large Loan Residential Ranges and Core Buy to Let Range.
Residential
- Maximum 85% LTV for residential – houses and flats (new build 85% – no maximum story height) meaning you only need a 15% deposit.
- Joint borrower, sole proprietor – only where the additional borrower(s) is an immediate family relative. Meaning you can buy a house with a parent or sibling easily.
- Up to four applicants on the mortgage, all four incomes considered.
- Near Prime Residential Mortgages – for customers with a less than perfect credit profile or a low credit score. Meaning people with small credit issues can be considered for a loan.
- 60% Bonus/commission/overtime used from the last year – as evidence, they will require last year’s P60.
- Maximum age 80 considered – term based on the oldest applicants age.
- Contractors – umbrella contractors accepted in the same way as limited company contractors.
- Second homes – maximum LTV up to 85% considered.
- Interest Only Range – designed for mortgage applications where either all or part of the mortgage is to be arranged on an interest only mortgage.
- Professional Range – up to 5.5 times income multiple for fully qualified, registered and practicing professionals.
- Self-employed – profit before taxation plus directors remuneration can now be used. An average is taken over the last 2 years if 100% of shareholders are on the mortgage and sustainability of the business can be confirmed.
Buy to Let
- Maximum 75% for buy to let
- Top slicing from earned income to support buy to let applications.
- Maximum age 85 (mortgage term based on the oldest applicant).
Should I Get A Mortgage From Metro Bank?
If you are asking yourself this question, you need to start by speaking with a mortgage advisor. If you speak to an advisor like Oportfolio, they will be able to go through all of your financial details with you and help you to make an informed decision on where you should get a mortgage from. As you can see from Metro’s criteria, they are heavily geared towards professional city workers and can help with lower deposit, higher income multiple loans. If you or anyone you know is needing help with securing a new mortgage, we are here to help. Give our team a call today to start your mortgage journey.
