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Feature of the Week

Policy and Product Changes

From 5.30pm on Tuesday 25 June 2019 we will be making changes to areas of our lending policy and Buy to Let product range.

What’s changing - policy

Residential Mortgage

Interest Only “Main Residence” -

  • Maximum age at the end of the mortgage term is now 70 where all or part of the repayment strategy is pension, sale of the mortgaged property or by endowment.
  • Minimum income of £50k required.

Debt consolidation -

  • Maximum LTV 80%.
  • Capital and interest (repayment) accepted only.

What’s changing - products

Buy to Let Mortgage

  • 5-year fixed stress rate used for rental coverage will be 5.50% to align with the 2 and 3 year product range.
  • Maximum loan size reduced to 750k for loans above 70% LTV.

So what does this mean?

The below Buy to let products will be withdrawn 5.30pm on 25 June with new products launched 9.00am on 26 June:

B2917, B2918, B2919, B2920, B2921, B2937, B2938, B2939, B2940, B2941, B2957, B2958, B2959, B2960, B2961, B2233, B2244, B2738, B2245, B2739.

To make sure your customer secures the current policy and/or product, your applications needs to be fully submitted and fully packaged with the necessary documents by 5.30pm on Tuesday 25 June 2019.

If you have any questions or would like to speak to us, please call our Metro Bank Broker Helpdesk on 0203 427 1019 who will be happy to help.

Any cases outside of these timeframes will not be accepted.

For full product details, please refer to our website
www.metrobankonline.co.uk/intermediaries

For use by FCA Authorised Intermediaries only