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Metro Bank set to offer £5m+ on residential range

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  • 20/01/2016
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Metro Bank set to offer £5m+ on residential range
In a major reboot of its residential and buy-to-let offering, Metro Bank is willing to lend up to and over £5m to home buyers on its resi. mortgages.

 

The bank will also allow up to 50% of the property value on properties valued above £2m to be used as the repayment strategy on interest-only mortgages.

On the new-build side, Metro Bank will now accept a builder’s incentive of up to 5% of the purchase price, on residential houses and flats up to 85% LTV, and buy-to-let houses and flats up to 75% LTV.

The lender, which boosted its business development team to 12 last year, has also launched a range of three-year fixed rates for residential and BTL mortgages.

Charles Morley, head of mortgage distribution, Metro Bank said: “These initiatives help to support our growth plans in the intermediary market throughout 2016. Metro Bank is committed to offering the very best in service and convenience and these developments are in direct response to us listening to our broker partners, and follows the launch of our mortgage switching portal, which pays procuration fees to introducers.”

At the end of last year, Metro Bank  announced a raft of customer retention strategies, including a £500 saving on product transfers.

In September last year, Metro Bank started talks with advisers ahead of a possible Stock Market float in Q1 this year.

The expected £1bn listing reports followed an interview with founder Vernon Hill who told the Financial Times earlier in the year it planned to list to plough capital raised back into the business.

 

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