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Feature of the Week

Registrations update

We have temporarily suspended new broker registrations until Monday 2nd November to allow us to process our existing pipeline of requests. These may take up to 5 working days following receipt of all requested information. We apologise for the delay and thank you in advance for your patience.

Self-employed

We have refreshed how we assess self-employed applicants whilst maintaining a common-sense approach.

We would strongly advise that all cases should be discussed prior to submission with your BDM to ensure they meet our requirements. Find your nearest BDM here.

Self-employed highlights

  • Salary & Dividends are used as standard. An average of last 2 years where sustainability can be evidenced.
  • A proportion of profit after tax can be considered to supplement salary and dividends for well established businesses, if 100% owned by the applicants, where the ongoing sustainability of drawings can be evidenced.
  • Partnerships/Sole traders – We use a 2 year average of profit from self-employment where sustainability can be evidenced.
  • All businesses must have been trading for a minimum 3 of years
  • Additional Proof of income – We require 6 months business bank statements to evidence current trading levels. Please note, your application will not proceed until this information has been received.

For full details on the points above, please call your BDM and refer to our Mortgage Lending Criteria Guide.

Documentation requirements can be found on our new packaging guide.

Want to find out more?

Get in touch with your local Business Development Manager; they would love to hear from you.

Or call our Broker helpdesk on 020 3427 1019.

Coronavirus mortgage FAQs

  • Payment holiday

    If your customer has a Metro Bank mortgage and is having trouble making their payments due to the coronavirus pandemic, they can request a repayment holiday of up to three months.

    For more details and to apply, they can click here, or contact our Mortgage Admin Team by emailing mortgageservicing@metrobank.plc.uk or calling 0345 319 1200.

    What if your customer needs longer than 3 months?

    If your customer has a payment holiday with us but they are unable to make their payments just yet due to the coronavirus pandemic, we may be able to offer them an extension of up to three months. For more details and to apply, please click here, or contact our Mortgage Admin Team by emailing mortgageservicing@metrobank.plc.uk or calling 0345 319 1200.

    What proof does your customer need?

    Normally we would look in to their financial situation and ask them for more information so we can work out the most suitable options. As these are exceptional circumstances and we want to support your customers, currently we are not asking for proof – but we will need to ask them some questions about their financial situation.

    Are all customers eligible?

    Yes – even if your customer is already in arrears, they are still eligible for a payment holiday. They will need to call us on 0345 319 1200 to find out more.

    Will this impact your customer’s credit score?

    If we’ve agreed a payment holiday with your customer in advance, any missed payments will not be reported to the credit reference agencies – so this shouldn’t impact their credit score. However, they should know that Metro Bank and other lenders may take into account other information when making future lending decisions, such as information provided by customers or bank account information.

    If they haven’t come to an agreement with us, missed payments would be reported as usual.

    Can payment holidays be arranged for personal and buy-to-let mortgages?

    Yes. Payment holidays can be organised for both residential and buy-to-let mortgages.

    Can a customer arrange a product transfer following a 3 month payment holiday request?

    Yes. If your customer requires a product transfer, please contact us in the normal way.

    My customer usually pays their mortgage by direct debit but cancelled this when they asked for a payment holiday. How can they set up a new direct debit?

    If your customer just wants to set up a new direct debit on the same bank account they were using to pay their mortgage before their payment holiday, and to pay on the same day of the month they did before, they can do this here.

    If your customer wants to set up a new direct debit for any other reason, such as changing their bank account details or the day on which they pay their mortgage, they will need to fill out a new direct debit mandate. They need to send a scan or clear photo of it to mortgageservicing@metrobank.plc.uk, quoting their mortgage account number in the subject line.

  • Repossessions moratorium

    Metro Bank will also not pursue any repossession action until 31 October 2020, as per FCA guidance. Our customers are our top priority and we want them to be reassured that they will not have their homes repossessed at this difficult time.

    We’d encourage any customer that may be impacted by this to email our Mortgage Servicing team at mortgageservicing@metrobank.plc.uk, quoting their mortgage account number and monthly payment date, or they can complete our call-back request form. We aim to reply within seven days.

  • Offer extension

    In line with the wider industry, Metro Bank will extend all house purchase mortgage offers for residential and buy-to-let customers for up to three months, enabling customers to move at a later date. If your customer requires an offer extension, please contact us in the normal way.

  • Physical valuations

    We are very pleased to announce the immediate recommencement of physical inspections on purchase and re-mortgage cases in England (where access is granted) - our standard lending policy will apply*. These will be carried out in line with Government guidelines.

    Where a physical valuation cannot take place, digital valuations will be instructed in line with our previous guidance on properties up to a maximum value of £3 million (limitations apply - please contact us for details).

    Due to the undoubted pressure on the surveying community, it is likely that turnaround times on valuations will be impacted, whilst it takes several weeks for things to settle.

    *Please refer to our Mortgage Lending Criteria Guide and Product Guides for full details.

For use by FCA Authorised Intermediaries only