Brilliant Solutions

Metro Bank Update

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

Solutions for your self-employed customers
Self-employed highlights
  • NEW – Profit before taxation plus directors remuneration can now be used. An average is taken over the last 2 years if 100% of shareholders are on the mortgage and sustainability of the business can be confirmed.
  • Decreasing profits due to Covid can be considered using a two year average, where current trading can be evidenced at pre-Covid levels by the business bank statements.
  • Salary & Dividends can be used. An average of last 2 years where sustainability can be evidenced.
  • Partnerships/Sole traders – We use a 2 year average of profit from self-employment where sustainability can be evidenced.
  • All businesses must have been trading for a minimum 3 of years.
  • 6 months business bank statements are required on all self-employed cases to confirm the sustainability of the business.
  • Maximum LTV is 95% LTV; 80% where SEISS grants have been taken in the last 6 months.

Further information can be found on our Mortgage Lending Criteria Guide.

Documentation requirements can be found on our packaging guide.

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