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 residential products
With effect from 5.30pm on Wednesday 18 May 2022, we will be making the following changes to our Residential product range:
Increased pricing across our:
- Core Range (except for 95% LTV products)
- Large Loans Range
- Professional Range
Withdrawing:
- 90% LTV core products
- Professional Range remortgage only products (remortgages are still available through the professional products offered)
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 18th May 2022.
Any cases outside of these timeframes will not be accepted.
Full details of our new pricing will be available on sourcing systems and our product guides on the Intermediary website from 9am on Thursday 19th May 2022.
Changes to Metro Bank products
TEMPORARY REMOVAL OF PORTFOLIO BUY TO LET
With effect from 5.30pm on Thursday 26 May 2022, we will be temporarily removing Portfolio Buy to Lets from our product offering.
We class Portfolio Buy to Let as any Buy to Let application where the applicants will own either in sole name or jointly, the sum of 4 or more mortgaged Buy to Let properties, at the time of completion, this includes any Buy to Let properties owned in Limited Companies.
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 Thursday 26 May 2022.
Top tip – Please ensure the portfolio section of the mortgage application is completed based on the portfolio the customer has at the start of the application.