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How the residential mortgage process works

Taking out a Residential Mortgage

 Learn how the mortgage lending process works, whether you’re buying a new home or re-mortgaging the one you already live in.

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Need help with your mortgage application?

Our expert mortgage consultants are available from Monday to Wednesday and Friday from 9am to 5pm, and Thursday 10am to 5pm.

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Timely decisions

We pride ourselves on our speedy turnaround. Once you submit your information, you can expect a quick decision on how much we can lend you. 

Your home may be repossessed if you do not keep up repayments on your mortgage

First steps

First steps

Whether you’ve chosen a property yet or not, you can get started by coming into a store or giving us a call. We’ll let you know how much you may be able to borrow and can even get started on an Agreement in Principle (AIP). 

An AIP lets you know how much we can lend you. To calculate this, we’ll need to know your income and some details about your monthly expenses. Once we know this, we can perform a few checks and tell you how much we can lend you – subject to a full assessment of your circumstances. 

At this point, we’ll also talk through your needs and circumstances and recommend the best Metro Bank mortgage product for your situation. 

The mortgage application

The mortgage application

We start the full mortgage application after you've found your dream home, or if you're remortgaging, the mortgage you want to switch to. This involves collecting and reviewing a few more details, including who your solicitor is, and making sure we have all the supporting documents we need. 

After our underwriting team have reviewed the paperwork, we’ll send a valuer to the home. And if all is well with the valuation, we’ll send you a formal mortgage offer document. We send a copy to your solicitor as well. 

Final checks

Final checks

With the mortgage offer in hand, your solicitor will make sure all appropriate searches are carried out. They'll then tell you when you need to pay your deposit. 

The process is a little different if you are remortgaging your current home. In that case, your solicitor’s work will involve liaising with your current lender to move your mortgage to Metro Bank. 

You’re now a homeowner

You’re now a homeowner

Once your solicitor is happy to press the button, we’ll release the money to them. They will take care of the rest. We'll send you a completion statement confirming the amount and due date of your first monthly mortgage payment. 


Can I get an Agreement in Principle before I find a property?

Yes. To do this we collect some details on your financial situation, perform a few checks and then let you know exactly how much we can lend you. 

Can I choose how I apply?

Of course. You may be able to meet with a mortgage consultant face-to-face (subject to location) or chat over the phone.

Who will help me throughout the process?

Your dedicated Metro Bank Mortgage Consultant will be your single point of contact. They are fully qualified to guide you from start to finish.


Why not have a look at our mortgage products

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How buy-to-let mortgages work

We make it easy to arrange finance for a new buy-to-let property – or to remortgage an existing one. Have a look at our handy guide on how the process works. 


Protecting your money

Your eligible deposits with Metro Bank are protected by the FSCS.