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Mortgages without the mumbo jumbo

Residential mortgages

Whether it's your first step on the property ladder or you're looking to move up a rung or two, our residential mortgage packages are cost-effective and transparent. We know that buying a home can be a headache so we pride ourselves on giving you a personal service that's tailored to your needs.

Mortgages to suit you

Find the home loan that’s right for your circumstances – pick from our wide range of mortgage options.

Service that’s personal

Our consultants are available 7 days a week, 362 days a year. And you’ll have one point of contact through the whole process.

Save on re-mortgaging

We can help you re-mortgage too. Choose from a range of cost-effective packages that can include free valuations and legal assistance.

Letting you choose

Want to let your insured property out with Airbnb on a short term basis? We allow you to rent your property for up to 90 days a year.

Want to explore your mortgage options?

Compare our mortgage products and work out how much you may be able to borrow with our easy-to-use calculator.

Your home may be repossessed if you don’t keep up repayments on your mortgage.

The Nuts and Bolts

We’re up front with our customers about everything. We’ve created this handy summary of our Residential Mortgages key features so you can see the important information from the get-go.

Mortgage options

We offer a range of options to suit different circumstances.

Fixed rate mortgages have an interest rate that’s set for a fixed period of time. Your payment will stay the same during this time.

Tracker mortgages are a type of variable rate mortgage that follow (track) the movements of another rate, most commonly the Bank of England base rate.


Our current Residential Mortgage rates

Download our PDF of rates to read when you like - they contain all the ins and outs of our Residential Mortgages.

Residential Mortgage Details - New Customer (PDF)(150KB)

Residential Mortgage Details - Existing Customers (PDF)(101KB)

Our Service Relationship with Personal Customers (PDF)(1.2MB)


Repayment types

A mortgage is made up of two parts:

  • Capital – the money you borrow
  • Interest – the charge made by the lender on the money you owe

Repayment mortgage – you pay back the capital and the interest together in your monthly payment. Over the course of the mortgage your balance will get smaller and your mortgage will be paid in full by the end of the term – usually 25 years. This is the most common type of mortgage.

Interest only – you start by paying back the interest on the mortgage on a monthly basis but at the end of the term you need to repay the whole of the capital in one payment. If you opt for this kind of mortgage we'll need to know how you intend to pay off the capital at the end. It could be that you are paying in regularly to savings and investments and it could include a pension payout.

Part repayment and part interest only – this option is a mix of both, so at the end of the term you'll have paid off some, but not all of the capital and you'll still need to find a way of repaying the remaining balance.


Eligibility

You can apply for a Residential Mortgage if you are:

  • aged 18 or over
  • buying a property in England or Wales
  • receiving an income

Our wide mortgage range

Our mortgages are designed to be practical and flexible.

  • Loans up to 85% of your purchase price or property value.
  • Interest-only mortgages up to 70% of your purchase price or property value considered.
  • Re-mortgage packages available.
  • Large loans up to £10 million considered by arrangement.

Early repayment

You can pay off up to 20% every year with no early repayment charges. If you pay back more than this, you’ll be charged a percentage of the repaid amount.


Your one point of contact

During our mortgage process you’ll have one point of contact from start to finish.

Our underwriters consider your individual personal circumstances. That means we can take a sensible approach if you’re self-employed, a contractor, or if there’s another reason you might have difficulty getting a mortgage. The key is that we won’t lend more than you can comfortably repay.


We pay the fees for your re-mortgage

We offer re-mortgage options that can cover most or all of the legal and valuation fees. For example, if you want a re-mortgage of £200,000 on a property that’s valued at £300,000, we’ll cover the cost of your valuation and assist with your legal fees.

Legal assistance

We can appoint a reliable solicitor for you from our panel. They handle the legal process, and we handle their fees.
In some unusual cases there are things we don’t cover – such as unusual search fees, change of name on title, transfer of equity and first registration of title.

We hand-pick the solicitors on our panel. However if you’d prefer to use a different solicitor you’ll need to cover the fees yourself. (We don’t cover independent legal advice either.)

You can get legal assist for properties up to £2 million.

Free valuation
For properties up to £2 million, we cover the cost of the basic valuation.

Download information on all fees

Mortgage Tariff Details (PDF) (138KB) 

Your home may be repossessed if you don’t keep up repayments on your mortgage.

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FAQs

  • How much can I borrow?

    During the mortgage application process we will look at things like your income and expenditure. We want to make sure your mortgage is affordable and that you can keep up repayments.

  • How much deposit do I need?

    It varies depending on which mortgage you have. Deposits start from a minimum of 15% of the purchase price. You’ll need at least 30% if you want an interest-only mortgage.

  • Do you offer any government scheme mortgages like Help to Buy and Right to Buy?

    No, we don’t offer any of these schemes at the moment.

  • Do you offer guarantor mortgages?

    No, we don’t. But we can look at joint borrower/sole proprietor applications. This means the property’s deeds will be in the name of the occupier, but another person’s income – a parent’s for example – can be taken into account as part of the application.

  • What documents do I need to bring to my mortgage meeting?

    We’ll need evidence of your income such as payslips, SA302s and company accounts.  We’ll also review your bank statements and verify your ID if you aren’t already a Metro Bank customer. Your Mortgage Consultant will provide you with a full list of requirements.  Visit your local store to book an appointment, or call us on 0345 08 08 500.

  • I need a mortgage that might have to extend into my retirement. Can you help me?

    Come and talk to us. We take look at every mortgage application on its own merits. It is a the underwriter’s discretion as to whether they would allow a mortgage term to extend past either the maximum working age or anticipated retirement age - whichever is lower.

  • Now that I can rent out my property for up to 90 days through companies such as Airbnb, is there anything I need to be aware of?

    Yes. We just ask that if you decide to rent your property out, then you seek prior approval from your building and contents insurance providers and if your property is leasehold then you make sure that your freeholder is also in agreement. 

Your ways to bank

Online

Metro Bank 24/7. Check balances, make payments, see transactions and open new accounts any time - all with internet banking.

Mobile

Control your money on the move with our mobile banking app. Check balances, move money, make payments and more wherever you are.

In-store

A friendly face and a quick answer. And all the usual payment services too. We're open 362 days a year.

Telephone

If you need help you can talk to a real person in our UK contact centre 24 hours a day, 7 days a week, 365 days a year.

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The mortgage process

Follow our simple guide to successfully navigating the mortgage lending process.

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