Metro Bank will now lend up to £1.125m for loans up to 90 per cent LTV, an increase from the previous limit of £675,000.
Up to 85 per cent LTV, the maximum loan size has been changed from £1m to £2m.
The limits for new-build properties will remain at £1m at 85 per cent LTV and £675,000 at 90 per cent LTV.
Charles Morley, director of mortgage distribution at Metro Bank, said: “We understand that every person’s property journey is different and we work hard to make sure our product range reflects that.
“Today’s changes will support those higher-earning customers who are borrowing £1m or more but may have a smaller deposit than many more mainstream products might allow.”
“Ultimately providing greater flexibility and choice for the customer while also ensuring the health and vitality of the mortgage market,” Morley added.
Pivot to specialist mortgages
This week, Metro Bank announced its annual results for 2023, where it said it would start to focus more on specialist, SME and commercial loan lending.
The lender said it would “seek to compete less for vanilla mortgages”.
Metro Bank’s retail mortgage lending rose two per cent to £7.8bn and it posted a statutory profit before tax of £30.5m, its first annual profit since 2018.
