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
Near Prime just got a significant upgrade!
We’ve listened to your feedback and the needs of the market – that’s why we’ve refreshed our Residential Near Prime and Core propositions to give you more options for customers with a less than perfect credit profile.
This is another step in Metro Bank’s journey to becoming a leading specialist lender.
Here’s a snapshot of what’s new and improved for Near Prime
- Increased LTV up to 85%
- More choice on repayment method with Interest only and Part and Part now available
- Maximum loan size increased to £750,000
What’s new for BOTH Core & Near Prime
- Higher limits for CCJs and Defaults
- Utility and Communication Defaults now ignored
- No cap on Unsecured Arrears if clear in the last 3 months – Maximum LTV of 85% for customers who meet the FCA definition of credit-impaired remains in place.
All applications are subject to application score card, referenced against credit agencies.
For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.