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