We have sold about one third of our residential mortgages to NatWest so that we can invest in other areas of lending. This means we can start to lend in other areas – such a personal loans and credit cards – as well as continuing to lend in the mortgage market.
This helps us meet the needs of our customers and assists us with growing the bank in the future.
Not at all. We are reinvesting to better meet the need of our customers and this change has no impact on Metro Bank’s remaining customers.
Your other Metro Bank products remain unaffected, and our relationship will continue. Everything is business as usual for our day-to-day banking and we can reassure you that you can continue to bank with us in the exact same way.
The sale has been agreed, and we’re expecting to transfer the mortgages on 21st November 2021.
Customers who have a mortgage included in the sale will receive a letter confirming this, the letter was sent out on 15th November 2021. Customers will also receive a welcome letter from NatWest on 22nd November 2021. If you do not receive a letter, your mortgage is not affected.
We will no longer be your mortgage lender. From 22nd November 2021 NatWest will be responsible for the ongoing management and administration of your mortgage, which includes the setting of charges applicable to your mortgage.
From this date we will not contact you about your mortgage, and you will need to contact NatWest with any queries about your account. Your account number will not change so you can provide this to NatWest to locate your account.
The terms & conditions of your mortgage are not changing as a result of the transfer. Your account will continue to operate as it has done with Metro Bank. Should NatWest decide to make any changes, they will write to you to let you know.
NatWest will get in contact with you soon to let you know what it means to be a NatWest customer. You will receive a letter from 22nd November which will provide you with more information.
Please do not amend or cancel your Direct Debit. If you currently pay your mortgage by Direct Debit you do not need to do anything, your payments will continue to be collected.
We have provided details of the transfer of lender to your bank or building society. NatWest will collect your Direct Debits from the 22nd November 2021, and payments will appear in their name on your Bank or Building Society statement.
If you do not pay your mortgage by Direct Debit, or if you want to make overpayments to your mortgage, you will need to change the payee details for any payments you make after 22nd November 2021 so that these are received by NatWest.
If the Department of Work and Pensions (DWP) makes payment towards your mortgage – you will need to advise your local benefits office regarding the transfer from Metro Bank Plc to NatWest, for the mortgage contributions to be paid correctly.
You will receive a letter from NatWest soon with more information on updating your payment details.
Yes. You can choose a new Metro Bank product until 19th November, and this will be honoured by NatWest when your mortgage is transferred.
Please be aware that when your new product comes into effect will still depend on when you choose it. If your reversion date is over five working days away when you choose your new product it will take effect from your reversion date, and as you pay your mortgage in arrears your payments will change the following month.
Example A: If your reversion date is the 10th November 2021, and you select your new product on or before the 2nd November 2021 this is what will happen:
We will process your request and it will take effect from 10th November 2021.
Your monthly payments from the 10th December 2021 on will reflect your new product rate.
Example B: If your reversion date is the 10th November 2021, and you select your new product after 2nd November 2021, this will happen:
We will process your request, but because there are less than five working days until your next payment, we cannot implement it immediately and it will take effect from 10th December 2021.
This means that your mortgage reverts to Metro Bank’s Standard Variable Rate for the month of November. Your monthly payment amount on 10th December 2021 will reflect this.
Your monthly payment amount from 10th January 2022 on will reflect your new product rate.
Yes. If you have already chosen a new Metro Bank product you can keep this if you wish. This will be honoured by NatWest when your mortgage is transferred. As above what this means for your mortgage will depend on when you chose your new product.
If you have chosen a new Metro Bank product within the last 7 days you are able to cancel this, as stated in the product switch offer you will have received from us.
If you chose a Metro Bank product more than 7 days ago, but you want to cancel it please call our Mortgage Servicing team on 0345 319 1200 to discuss your situation. Our opening hours are 8.30am to 6pm Monday to Friday.
Your mortgage will transfer to NatWest on the Metro Bank Standard Variable Rate, which is currently 3.60%. Your mortgage will stay on this rate unless you decide to take a product, or until NatWest notify you they are varying the rate. If you are considering your options, get in touch or alternatively speak to NatWest once your mortgage has been transferred on November 22nd.
Yes, however we will not be able to take your application and process this for you. As your mortgage is being transferred to NatWest, you will need to contact them after the 22nd November to discuss making any changes (such as borrowing additional money, adding or removing someone from the mortgage, transferring your mortgage to another property, letting out your property, etc.).
If you have any concerns about this, please call our Mortgage Servicing team on 0345 319 1200 to discuss your situation. Our opening hours are 8.30am to 6pm Monday to Friday.
If you have applied to Metro Bank to make a change to your existing mortgage and you made your application after the 5th November, we will be unable to progress your application in the time remaining before transfer. We will contact you to confirm if this is the case.
When your mortgage transfers, we will let NatWest know that you made this application and they will get in contact with you to discuss your options as a NatWest customer. You will need to make a new application directly with NatWest if you decide to proceed.
If you have requested a product switch, this will be unaffected.
The agreement will transfer with your mortgage and will continue to apply. We recommend that you continue to make all payments set out in your agreement.
As part of the transfer we will be handing over to NatWest all information we hold regarding your mortgage account. Please note, Metro Bank will retain a copy of the information in line with our retention policy, should you have any further questions in respect of this please visit our privacy notice here https://www.metrobankonline.co.uk/about-us/privacy/#personal-data. Following the transfer of your account, you should contact NatWest if you have any questions about how they may use your data in the future.
We are sorry to hear you have experienced an issue and have had cause to complain. If we have not already responded to your complaint in full, please rest assured we will address this before your mortgage is transferred.
Yes, your rights to refer your complaint to the FOS do not change as a result of your mortgage transferring to NatWest.
Any complaint that has been referred to the Financial Ombudsman Service will not be impacted by this change. The FOS will contact you directly once they have completed their investigation and reached a decision.
If you have any questions about your existing mortgage before the 21st November please call our Mortgage Servicing team on 0345 319 1200. Our opening hours are 8.30am to 6pm Monday to Friday. From the 22nd November you will need to call NatWest, they will contact you soon with their contact details.
Your letter was produced before we processed the redemption of your mortgage and there is nothing you need to do.