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
Case Scenario: First-Time Buyer JBSP at 100% LTV
Following our recent launch, here’s an example of the type of customer we may be able to help, subject to meeting our lending criteria and affordability requirements.
Customer
- Two first-time buyers looking to purchase a home for £300,000
- Launched their own business in the last two years, leaving them with limited usable income
- Have invested their savings into the business, so no deposit available
Scenario
- Parents want to support their daughter and her partner’s purchase
- Both parents are 49 years old, are self-employed and own 100% of their limited company
- Parents’ company has generated an average £100,000 profit before tax over the last two years
Solution
- Affordability assessed using the parents’ income alone
- 30-year term available, taking the parents to age 80 at their next birthday
- Helping first-time buyers achieve homeownership while their own business becomes established
All applications are subject to underwriting, lending criteria and affordability assessment. For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.