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
Buy to Let product withdrawal
With effect from 5.30pm on Wednesday 17 February 2021, we will be withdrawing all buy to let products across our Core and Re-mortgage Ranges and the equivalent products in our Existing Customer Range. New products will be available on our website from 9am on Thursday 18 February 2021. Our buy to let Large Loan Range remains unchanged.
So what does this mean?
To make sure your customer secures the current product, the case must be at the application submitted status and fully packaged by 5.30pm on Wednesday 17 February 2021.
Any cases outside of these timeframes will not be accepted.
New 90% LTVs
5 year residential fixed rates from 3.39%
Great news! We have reduced our 90% LTV Core and 85% LTV Part & Part 5 year fixed residential rates by 20bps, with rates now starting from 3.39% and 3.59% respectively.
We’ve been listening to your advisers, partners and members and have added 2 & 3 year fixed rate mortgages to our 90% LTV residential range. We have also increased the maximum loan amount to £675k and much much more…
Further highlights;
NEW – 90% LTV 2 year fixed rates start at 3.19%
NEW – Maximum loan at 90% LTV increased to £675k from £540k
NEW – 85% LTV resi range – 2, 3 & 5 year fixed on both Capital & Interest and Part & Part, max loan of £850k from £510k
Things to note
- Purchase or pound for pound re-mortgage only
- Available on flats & houses; maximum property value of £600,000
- All loans are subject to a physical valuation
- Product fee can be added to loan
- For lending over 80% LTV, customers on/or have recently been furloughed or had any associated COVID-19 related deductions from their salary/income will not be accepted. For self-employed this includes any SEISS grants received in the last 6 months.
- We do not accept customers with impaired credit history over 85% LTV
- If your customer would like to switch to the new product, you will need to resubmit the application through our online portal which will be assessed as a new application and new supporting documents will be required.
Please note: 90% LTV products may be withdrawn at short notice.
For full details on the points above, please refer to our Mortgage Lending Criteria Guide and Product Guides.