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
Enhanced self-employed policy
Great news! We have refreshed how we assess self‑employed applicants whilst maintaining a common‑sense approach.
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
- 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 SIESS grants have been taken in the last 6 months
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.
Documentation requirements can be found on our product guides.