Mortgage News
Metro Bank ups new build LTV and returns to pre-Covid capital raising position
Specialist lender Metro Bank has increased its maximum loan to value (LTV) to 90 per cent for new builds and flats.
The maximum LTV was 85 per cent LTV, with rates for 90 per cent LTV starting from 2.99 per cent.
The maximum loan size is £675,000 at the 90 per cent LTV tier and offers are valid for nine months.
Builder incentives of up to five per cent of the property price are also allowed, which can include builders deposit contribution, white goods, carpet and curtains, cashback, legal fees or stamp duty contributions.
Capital raising for further advances or remortgage is now permitted up to 90 per cent LTV, which was temporarily dropped to 80 per cent LTV in March last year.
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Charles Morley (pictured), Metro Bank’s mortgage distribution director, said: “We’re always eager to offer added value for our growing number of customers. These improvements to our range of new build residential mortgages, alongside increasing max LTVs for capital raising purposes, ensure that we’re providing greater value, flexibility and choice to both intermediaries and our customers.”