Specialist lender Metro Bank has increased its maximum loan to value (LTV) to 90 per cent for new builds and flats.
The maximum LTV was 85 per cent LTV, with rates for 90 per cent LTV starting from 2.99 per cent.
The maximum loan size is £675,000 at the 90 per cent LTV tier and offers are valid for nine months.
Builder incentives of up to five per cent of the property price are also allowed, which can include builders deposit contribution, white goods, carpet and curtains, cashback, legal fees or stamp duty contributions.
Capital raising for further advances or remortgage is now permitted up to 90 per cent LTV, which was temporarily dropped to 80 per cent LTV in March last year.
Charles Morley (pictured), Metro Bank’s mortgage distribution director, said: “We’re always eager to offer added value for our growing number of customers. These improvements to our range of new build residential mortgages, alongside increasing max LTVs for capital raising purposes, ensure that we’re providing greater value, flexibility and choice to both intermediaries and our customers.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
