Metro Bank has increased the maximum loan-to-value (LTV) ratio available and will now lend up to 85%. It has also upped the maximum loan size to £750,000.
Further, interest-only and part and part repayment options are now available.
Metro Bank has also introduced higher limits for county court judgments (CCJs) and defaults. The bank will also ignore any utility or communication defaults.
Additionally, Metro Bank has removed the cap on unsecured arrears, as long as they have been cleared in the last three months.
Charles Morley, head of mortgage distribution at Metro Bank, said: “Near prime products play an essential role in the market, ensuring opportunities for those who may have a less-than-perfect credit profile to still be able to access mortgage products for that first or next step on the property ladder.
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“As a specialist lender, we work very hard to ensure our product range is relevant and appropriate for our customers.”
He added: “We always listen closely to all the valuable feedback we receive from our intermediary partners and we hope this refresh will be welcomed.”
All applications remain subject to the application score card.
