- The Bank has upped its max loan-to-value (LTV) for new build flats and houses to 90%
- Capital raising is now permitted up to 90% LTV (for further advances and remortgages)
Metro Bank has strengthened its range of residential mortgages for intermediaries and customers, with the latest in a long line of product enhancements.
The specialist lender has increased its max LTV for new build properties to 90% from 85%. In further good news for customers looking to purchase a new build property:
- Available on both new build houses and flats, with no restrictions on maximum storey height for the latter. At 90% LTV rates are from 2.99% and a maximum loan size of £675k applies, with offers valid for nine months.
- The Bank offers a specialist new build support team and underwriting specialists who understand the pressures of achieving a quick offer in time for exchange.
- Builder incentives are accepted up to 5% of the purchase price. Builder incentives can include builders deposit contribution, white goods, carpets and curtains, cashback, legal fees and a contribution towards stamp duty.
As a separate bonus for customers looking for a residential mortgage, the Bank has returned to its pre-Covid position of allowing capital raising for both further advances and remortgages at up to 90% LTV, which was temporarily limited to 80% LTV*.
Charles Morley, Director of Mortgage Distribution at Metro Bank, comments: “We’re always eager to offer added value for our growing number of customers. These improvements to our range of new build residential mortgages, alongside increasing max LTVs for capital raising purposes, ensure that we’re providing greater value, flexibility and choice to both intermediaries and our customers.”
Notes to editors
*Please note, debt consolidation remains limited to 80% LTV. An arrangement fee of £999 will apply to most loans.