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Feature of the Week

New Near Prime Residential Mortgages

Metro Bank has expanded its product range further and launched a near prime residential range for customers with a less than perfect credit profile or a low credit score, offering greater flexibility for those that may be struggling to get a mortgage elsewhere.

Near Prime highlights

  • Lower credit score requirement
  • Loans available from £50,000 - £500,000 for purchase and re-mortgage
  • Maximum LTV of 80%
  • 2 & 5 fixed rates starting from 3.79%
  • Capital and interest repayment only
  • Capital raising, including debt consolidation accepted – new Debt Consolidation Form required for debt consolidation applications
  • Joint borrower, sole proprietor - only where the additional borrower(s) is a close family relative
  • Maximum age 80 (mortgage term based on the oldest applicant)
  • Up to 4 applicants on the mortgage can be considered

So what do we accept?

 

Category   Accepted? Accept Criteria
CCJs Satisfied Y If total value <£1000 in the last 3 years
Unsatisfied Y If total value <£500 
Defaults Satisfied Y If total value <£1000 in the last 3 years
Unsatisfied Y If total value <£1000
Arrears Secured Y Up to 2 months arrears in last 24 months
Unsecured Y Up to 2 months arrears in last 24 months
Mortgages Y Up to 2 months arrears in last 24 months
Other Y Up to 2 months arrears in last 24 months
Bankruptcy   Y Must be discharged and >3 years must have passed since bankruptcy order
IVAs Satisfied Y Any satisfied IVA
Unsatisfied N Not Accepted
Protected Trust Deed (Scotland) Satisfied Y Any satisfied Protected Trust Deed
Unsatisfied N Not Accepted
Debt Management Plan/Debt Relief Order Current N Not Accepted
Debt Management Plan/Debt Relief Order Completed Y Accepted if Debt Management Plan/Debt Relief Order completed
Repossessions   Y 6 years must have passed since repossession

All cases are subject to full assessment and a credit score pass. For full details on the points above and our full near prime lending criteria, please refer to our Mortgage Lending Criteria Guide and Product Guides.

Contact us

Our BDM Team are here and available to help with new and existing case queries, packaging requirements and affordability assessments. Please get in touch with your BDM or call our Broker helpdesk on 0203 427 1019.

Coronavirus mortgage FAQs

Coronavirus update

Supporting our customers is still our top priority. Click here for more information, or if your customer would like to contact us, they can:

  • Call our Mortgage Servicing team on 0345 319 1200. Our opening hours are 8.30am to 6pm Monday to Friday.
  • Complete this form and one of our specialists will give them a call. We aim to call within seven days.
  • Send us an email to mortgageservicing@metrobank.plc.uk – we will reply as soon as possible. They will need to provide their eight-digit mortgage account number, which starts with a 4 and can be found on any letter they have received from us about their mortgage.
  • Write to us at Mortgage Admin team, Metro Bank Plc, PO Box 1130, Uxbridge UB8 9XX.
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