As part of the new partnership, Metro Bank will offer a competitive range of residential (up to 85% LTV) and buy-to-let and let-to-buy (up to 75% LTV) mortgage products to appointed representatives of Mortgage Intelligence, Mortgage Next and FYB.
Metro Bank is also a large loan specialist and currently lends to customers in London, the South East, Northern Home Counties and Berkshire areas. The lender recently lowered its rates on a number of fixed products.
Commenting on the partnership, Sally Laker (pictured), managing director of Mortgage Intelligence Holdings, said: “We are delighted to announce the appointment of Metro Bank to our lending panel as their innovative and adaptable approach makes them a fantastic new addition.”
Metro Bank is one of a raft of “challenger banks” including Aldermore, Handelsbanken and Virgin Money, which are aiming to take on more established players. Back in June, Mortgage Solutions reported how analysts believe challenger banks could be on course to double their share of mortgage lending to almost 60% of the total by 2018.
Metro Bank launched in July 2010 and promised to combine traditional retail banking with amazing technology. It opened its 28th branch last week, in Wood Green, North London. New “stores” (as Metro Bank refers to branches) are also due to open in St Albans, Basildon and Orpington this year.