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Metro to offer dogs mortgages to get them on the pawperty ladder

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  • 01/04/2022
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Metro to offer dogs mortgages to get them on the pawperty ladder
Metro Bank has taken its dog-friendly ethos of welcoming dogs in store and offering free water bowls, treats and bandanas, a little fur-ther with it's latest offering.

The bank has announced an expansion of its mortgage range with products especially designed to help rich dogs, called pawgages, get on the pawperty ladder.

Pawgages are marketed at dogs who are first-time buyers after many have been left large sums by former eccentric owners, while others have been left with the short end of the stick and struggle with affurdability.

The jumping prices for dogs looking to own their own kennel, leaving the running costs out, has left many feeling hot under the collar.

With their typically low budgets and a short leash on their finances, it has been very difficult for their bone-kers to find a suitable pad, driving them barking mad, often leaving them chasing their tails for hours, as has been revealed by a recent Metro Bank survey of 1,984 dogs and their owners.

The initial survey also included cats, but nine out of ten did not respond.

The polling showed that getting out of the dog house and into a bigger kennel has never been more expensive.

More than two thirds, 68 per cent of dogs, believe that their dream of kennel ownership won’t ever become a reality, whilst 81 per cent stated that they’ve been unable to secure a pawgage with any lender.

Furthermore, around a quarter, 26 per cent, of dogs said they knew a four-legged friend who could  afford to purchase rather than rent their kennel.

Whilst this is a new area of mortgages for Metro Bank, the lender already provides home improvement loans for dogs to enhance their kennels. Some of the most popular reasons for taking out a loan include upgrading to a state of the art dog bed or adding an extension to the kennel.

Dogs that fancy a walk can apply for a pawgage at their local Metro branch, or alternatively via their digital banking app so long as they have paw-print recognition enabled.

For dogs struggling to pull together a deposit, there’s a “joint buyer sole pup-prietor” option – whereby both the dog and their owner can contribute to the deposit but the dog remains the sole owner of the kennel.

On moving day, all new kennel-owners will receive a goody bag full of plush dog treats, including a wet fur scented candle for their home.

Charles Morley, director of mortgage distribution at Metro Bank, said: “Sadly, it’s a postcode lottery for many dogs when it comes to affording their dream kennel, which is a great shame.

“It doesn’t have to be this way and at Metro Bank we’re thrilled to offer this new type of mortgage. The initial feedback we’re getting from dogs and their owners is impressive, with a huge number of applications already.”

 

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