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 Buy to Let products
With effect from 5.30pm on Wednesday 20 April 2022, we will be making changes to our Buy to Let product Range with new products to be launched tomorrow morning.
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 20 April 2022.
Any cases outside of these timeframes will not be accepted.
Product and criteria updates from Metro Bank
At Metro Bank, we continue to review our product ranges to ensure we continue to develop our offering to support the mortgage needs of more customers.
What’s new?
Residential
- Re‑introduction of our 75% LTV products with rates starting from 2.29%
Buy to Let
- Reduced 80% LTV products by 24bps to 3.05%
- Revised 75% LTV product fees to £1,999
- Priced our 70% LTV 2 year products by 10bps to 2.89%
Variable income – We will now accept 60% of Bonus/Commission/Overtime from the last years P60
In other news
Effective from today, Thursday 21 April 2022, we are making changes to our Standard Variable Rate (SVR) in line with the recent reductions to the Bank of England Base Rate. Our new rates are 4.25% for Residential and 4.75% for Buy to Let.
For full details on the points above or to discuss a potential case, please call your BDM and refer to our Mortgage Lending Criteria Guide.