Metro Bank have announced a broker update, available below. Contact us to see how we help brokers like you across the UK.
Announcement
Metro Bank improves Interest Only policy
Introducing our new Interest Only residential product range, with rates starting from 2.79% and enhanced criteria.
This new range is designed for mortgage applications where either all or part of the mortgage is to be arranged on an interest only mortgage. Our core range remains for customers wanting to arrange a mortgage on a repayment basis.
Interest only highlights:
- NEW – The maximum age at the end of the mortgage term is now 80 for all repayment types
- NEW – Debt consolidation now accepted
- NEW – Part & Part available up to 75% LTV when using sale of subject property – minimum property value of £600,000
- Maximum 85% LTV for Part & Part for all other repayment strategies
- Second homes up to 85% LTV, 75% Interest Only sale of property acceptable
- Minimum usable income of £50,000 required
We require evidence of a suitable repayment strategy at the time of application. please refer to our Mortgage Lending Criteria Guide and Product Guides.