Metro Bank has announced a raft of customer retention strategies, including a £500 saving on product transfers.
The bank is offering the same rates to new and existing customers, will allow switching up to three months early and offers further advances at the new customer rate.
The bank is also paying procuration fees to advisers for products taken out via its online portal, launched in September.
Charles Morley, head of mortgage distribution, Metro Bank, said: “These initiatives represent the latest milestone in our journey and reinforce our commitment to offering customers the very best in service and convenience.”
Jeremy Duncombe, Legal and General Mortgage Club, said: “Following on from Metro Bank’s Intermediary Switching Portal, which incorporates a procuration fee, it’s great to see Metro Bank ensuring the customer gets the best possible product when they switch. More lenders are ensuring that intermediaries are recognised for their role in supporting customers choose the best product when they switch, and we hope that others follow suit as soon as possible.”
Metro Bank’s Q3 financial statement confirmed total lending has reached £2,999 million – reflecting quarterly growth of £798 million.
The bank said it expects to become a top 20 UK lender by the end of the year.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.