Metro Bank has introduced three major product changes.
The lender has improved its range of mortgages tailored to qualified professionals who want to buy their first home or move property. It has an enhanced income multiple of up to 5.5 times annual earnings, subject to an affordability assessment. Previously Metro Bank offered this for fully qualified, registered and practising solicitors, barristers, medical doctors, accountants, actuaries, vets and dentists. The bank is now also accepting surveyors, engineers and architects.
Meanwhile, the range is now open to all single applicants with an earned income of £100,000 or more and all joint applicants with a combined earned income of £150,000 or more. The mortgages are available on a capital and interest, part and part or interest only repayment basis at rates from 2.89%. An arrangement fee of £999 applies and the maximum loan size is £2 million. The bank is also accepting customers looking to re-mortgage which it didn’t allow previously.
In addition, Metro Bank is expanding its 95% LTV range beyond purchase only to now include re-mortgages. These will be offered on a five-year fixed rate basis with capital and interest repayment only, priced at 3.94%. The maximum loan size available is £570,000 with a £999 arrangement fee that can be added to the loan.
Charles Morley, director of mortgage distribution at Metro Bank, said: “We’ve been making a number of big product and service enhancements in the last six months, as we aim to appeal to a wider breadth of mortgage customer and deliver on our promise to become the UK’s best specialist lender.
“We’re well on our way to achieving that and we’re delighted to enhance our professional range whilst also growing our presence in the higher LTV market.”