Metro Bank has partnered with Legal & General’s Appointed Representative (AR) Network and its Nouveau Directly Authorised (DA) firms.
This move makes Legal and General Metro Bank’s first networked intermediary partner.
Metro Bank products available through Legal & General Mortgage Club, include a two year tracker available at 3.39% or a two year fixed rate at 3.49% on loans with an 80% Loan To Value (LTV).
There are free legal and valuation fees up to a maximum property value of £1 million for re-mortgages, and Capital Repayment without any charge up to 20% a year on all residential products.
Metro Bank also offers deals on buy-to-let products, with its five year fixed rate buy-to-let mortgage available at 4.35% and products available for property values up to £1.5 million.
Martyn Smith, head of mortgage products, Legal & General Network, said: “It’s great that Legal & General Mortgage Club is the first network to partner with Metro Bank for the distribution of its excellent range of mortgage products. Metro Bank has been innovative when it comes to banking with personal service and individual case underwriting at the heart of what it does. We are excited to be part of their growth plans for 2013 and look forward to working closely with them for the benefit of our members and their customers, especially as this year looks set to be an exciting one for the housing market.
“Our research report into the New Normal in the Housing Market indicates that the market should start to pick up in mid-2013, with house prices predicted to return to their 2007 peak of £227,000 by 2015. We are therefore extremely excited to be partnered with Metro Bank at a time when their products could really start to have a positive impact on the growth of the market.”
Richard Saulet, commercial director at Metro Bank, added: “It was a natural step to partner with the Legal & General Mortgage Club, as we know they share Metro Bank’s commitment to amazing customer service. We’re dedicated to building a long term and highly successful intermediary partnership, focused on providing brokers and their customers products designed entirely around their needs, as well as amazing service.
“We offer common sense banking with the personal touch and our individual underwriting service means that we can work on a case by case basis with brokers. We’re revolutionising the high street banking landscape, and with L&G’s help, we look forward to revolutionising the intermediary market too.”