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Feature of the Week

90% LTV New Build Residential on houses and flats & Capital Raising up to 90% LTV

We continue to support the new build market and have made some enhancements to support your customers buy their new build home. We have also revisited our approach to capital raising…

New Build enhancements

  • NEW - Our residential products are available at up to 90% LTV
  • Available on both New Build houses and flats (no maximum story height)
  • Offers are valid for nine months
  • IMPORTANT – valuations on all new build cases will be instructed at the start of the underwriting process
  • Builder Incentives accepted up to 5% of the purchase price. Builder incentive can include builders deposit contribution, white goods, carpets and curtains, cashback, legal fees and a contribution towards stamp duty
  • New Build support team and underwriting specialists who understand the pressures of achieving a quick offer in time for exchange

Capital Raising up to 90% LTV

  • NEW – we have returned to the pre-Covid position of allowing capital raising for both Further Advances and Remortgages up to 90% LTV. Please note debt consolidation is limited to 80% LTV

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

 

Metro Bank talks… First Time Buyers

Our next ‘Metro Bank talks…’ series will be focusing on First Time Buyers and the extra support Metro Bank offers your customers looking to buy their first property - yesterday increasing our residential new build houses and flats to up to 90% LTV with rates at 90% LTV from 2.99% and a maximum loan size of £675k.

New ‘Metro Bank talks… First Time Buyers’ webinar

14 September

Time

Hosts

Register

10.00am – 10.15am

Gareth Randall and Alison Hurley

Register now

2.00pm – 2.15pm

Gareth Randall and Alison Hurley

Register now

17 September

Time

Hosts

Register

10.00am – 10.15am

Dean Linklater and Jade Stroudley

Register now

2.00pm – 2.15pm

Dean Linklater and Jade Stroudley

Register now

If you are unable to attend your local BDM’s event, please feel free to choose from a more suitable date/time above or alternatively, give your BDM a call to book in a meeting – they’d love to hear from you. Find your local BDM here.

Enhanced self-employed policy

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

Self-employed highlights

  • NEW- Profit before taxation plus directors remuneration can now be used. An average is taken over the last 2 years if 100% of shareholders are on the mortgage and sustainability of the business can be confirmed.
  • Salary & Dividends can be used. An average of last 2 years where sustainability 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.
  • 6 months business bank statements are required on all self-employed cases to confirm the sustainability of the business.
  • Maximum LTV is 95% LTV; 80% where SEISS grants have been taken in the last 6 months.

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

Documentation requirements can be found on our packaging guide.

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. Find your nearest BDM here

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