Metro Bank have announced a broker update, available below. Contact us to see how we help brokers like you across the UK, Alternatively please refer to our Mortgage Lending Criteria Guide and Product Guides.
Announcement
Changes to Metro Bank Product and Policy
With effect from 5.30pm on Thursday 29th September 2022, we will be making the following changes:
To secure current products and criteria, the AIP must be accepted and illustration produced before 5.30pm today, 29th September 2022. The full application must then be submitted by 5.30pm on Friday 7th October 2022 (please note AIP decisions must be no more than 28 days old at the point of submission).
Residential:
- Increasing pricing across our Core, Large Loans, Near Prime, Professional and Existing Customer ranges
- Re–introducing 90% LTV products on Core and Remortgage Only ranges
- Introducing a lower Loan to Income (LTI) cap at 4.45x on all products except the Professional Range (which remains at 5.5x)
Buy to Let:
- Increasing pricing across our Core and Existing Customer ranges.
- Increasing 2 & 5 year fixed stress rate to 7.5% at 140% of the mortgage interest amount. Download our Rental Criteria Guide
- Increasing the product fee to 2% on 5 year fixed rate which can be added to the total mortgage amount.
To secure current products and criteria, the AIP must be accepted and illustration produced before 5.30pm today, 29th September 2022. The full application must then be submitted by 5.30pm on Friday 7th October 2022 (please note AIP decisions must be no more than 28 days old at the point of submission).
Any cases outside of these timeframes will not be accepted.