Feature of the Week

Case scenario: Supporting customers after an IVA

Many customers are emerging from IVAs and looking to re-enter the mortgage market after completing their arrangements. Metro Bank’s Near Prime Range considers settled IVAs as soon as the completion certificate is issued and offers a clear pathway back to homeownership.

Sarah, IT Contractor

• Entered an IVA five years ago after income disruption during the pandemic
• Successfully completed her IVA only 1 month ago, the credit report hasn’t updated yet but Sarah has her completion certificate to evidence the IVA has been settled

Metro Bank solution

• Accepted as soon as IVA completed – no waiting period required
• Opportunity for Near Prime customers to move onto our Core Range at the end of their fixed rate period
• Maximum LTV of 85% LTV
• Interest only, Repayment and Part and Part options
• Loans available from £50,000 - £750,000 for purchase and re-mortgage

All applications are subject to application score card and underwriting assessment.

For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.

Joint Borrower, Sole Proprietor solution

Our Joint Borrower, Sole Proprietor mortgage is designed to help customers step onto the property ladder with the support of family or friends.

Residential Core Range JBSP highlights

• Spouses and non-relatives accepted as joint borrowers
• Joint borrowers can reside in the subject property
• Up to 95% LTV on houses and flats, purchase only (90% LTV for new build)
• Up to four applicants on the mortgage, with a minimum of one applicant on the property deeds
• Income can be accepted from up to 4 applicants, at full income multiples, subject to affordability
• Maximum age 80 considered (mortgage term based on the oldest applicant at the end of the term)
• Repayment, interest only and part and part options available (maximum LTVs apply)
• Gifted deposits accepted – Gifted Deposit Form to be used

For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.