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Metro Bank ups income multiple for high earners and widens 95 per cent LTV scope

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  • 14/05/2021
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Metro Bank ups income multiple for high earners and widens 95 per cent LTV scope
Metro Bank has increased income multiples for its professional and high earner borrowers to 5.5 times income.

 

This will apply to sole applicants earning more than £100,000 or joint applicants earning over £150,000. 

The criteria will be open to those purchasing or moving home.  

The bank will also now accept surveyors, engineers and architects having previously offered this to only fully qualified, registered and practising solicitors, barristers, medical doctors, accountants, actuaries, vets and dentists. 

The mortgages are available on a capital and interest, part and part, or interest-only repayment basis, with rates starting from 2.89 per cent.  

There is an arrangement fee of £999 and the maximum loan size is £2m. Metro Bank will also now accept remortgages on the range. 

The bank has also widened its 95 per cent loan to value (LTV) offering to include remortgages. 

This product is a five-year fixed with a rate of 3.89 per cent. 

The maximum loan size is £570,000 and it has an arrangement fee of £999 which can be added to the mortgage loan. 

Charles Morley, director of mortgage distribution at Metro Bank, said: “We’ve been making a number of big product and service enhancements in the last six months, as we aim to appeal to a wider breadth of mortgage customer and deliver on our promise to become the UK’s best specialist lender.  

“We’re delighted to enhance our professional range whilst also growing our presence in the higher LTV market.” 

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