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
Turning Dreams into Keys: An Affordability Success Story
Turning Dreams into Keys: An Affordability Success Story
Did you know that Metro Bank have a range of solutions to help your customer with their affordability?
Meet Clive & Sandra
Clive and Sandra, both 68 years old and retired, have lived in their home for 27 years. They currently have an interest only mortgage with a high street lender. The mortgage term ends next year and their existing lender won’t extend it due to age and affordability models. Victoria and Andrew, their daughter and son-in-law, work full-time. Victoria and Andrew are in a strong financial position to be able to afford their mortgage and assist Clive & Sandra.
And how we can help…
A Joint Borrower, Sole Proprietor remortgage with Metro Bank, utilising all four incomes. Clive and Sandra remain as owners, enabling them to remain in their home, extending the term by 11 years (ending before their 80th birthday).
Criteria highlights
- Up to four applicants on the mortgage, with a minimum of one applicant on the property deeds
- Income can be accepted from up to 4 applicants – at full income multiples, subject to affordability
- Multiple & complex income streams considered.
- Flexible affordability calculations on pound for pound remortgages.
- Maximum age 80 considered (mortgage term based on the oldest applicant at the end of the term)
- Up to a 40 year term considered on repayment & 35 on Interest Only
- Remortgages up to 90% LTV, (purchase up to 95% LTV) subject to lending policy limits
For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.
Contact us
Get in touch with your local Business Development Manager; they would love to hear from you. Find your nearest BDM here.
Or call our Broker helpdesk on 020 3427 1019.