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Metro lends £3.2bn of mortgages in 58% annual leap

  • 24/10/2018
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Metro lends £3.2bn of mortgages in 58% annual leap
Metro Bank continues to drive its residential mortgage lending on year-on-year, with a 58% uplift to £3.2bn in the last 12 months, Q3 results showed.

In aggregate total, the bank has lent almost £8.7bn of mortgages to 30 September this year, since launch in summer 2010.

The bank continues to show overall growth and opened its 60th so-called store in Bath earlier this month and passed 1,520,000 customers on 30 September.

Craig Donaldson, CEO Metro Bank told Mortgage Solutions its mortgage lending continues to be a long-term core market and its broker technology, Project Falcon, due to launch next year, to streamline time to offer and broker processes, will be part of that drive.

“We also want to bank brokers as business customers, as well as to help them support their customers,” added Donaldson.

“Many brokers are self-employed or a constituent part of a group company and we want to embrace them on both fronts.”

On its strategic mortgage plans, he said Project Falcon will make things easier for the broker and end-customer but closer relationships between broker and BDMs will also help its growth plans.

The bank launched Insights three weeks ago, which is an intelligence based money management tool, which Donaldson said is already offering plenty of customer behavioural analysis.

Donaldson said: “The first nine months of 2018 show another strong performance from Metro Bank. We delivered double digit growth in deposits, record lending growth year-on-year and for the fourth successive quarter exceeded £1bn in net lending. Profit trebled to £39.2m and we welcomed over 300,000 new customer accounts.”

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