In This Article
About Metro Bank?
Metro Bank was founded in 2010 and was one of the first new high street banks to open in the UK in over 100 years.
It was founded by Vernon Hill, an American businessman who is also the former president, chairman, and CEO of New Jersey’s Commerce Bancorp of Cherry Hill and the chairman of Fetch Inc, the US version of Pet Plan pet insurance.
The bank expanded rapidly, becoming one of the largest banks in the UK.
Metro Bank offers various personal and business banking services, including current accounts, loans, mortgages, and credit cards.
It has won numerous awards for its customer service and was voted the UK’s best business bank in
SPEAK TO AN EXPERT MORTGAGE ADVISOR TODAY!
What mortgages does Metro Bank specialise in?
Metro aim to offer a broad range of mortgage products to ensure many customers get the most out of their mortgage. Their approach is that they try to understand that everyone’s needs are different and have designed their mortgages to be practical, flexible and easy to understand.
Metro residential mortgages
The bank may be able to offer high loan to value residential mortgages, including higher income multiples for higher earners and professionals.
They aim to help self-employed and contractor customers and those who receive a large percentage of their income via bonus, commission or overtime. Also, those have a less-than-perfect credit rating.
They also offer Joint borrower and sole proprietor mortgages.
A joint borrower sole proprietor mortgage allows a parent or family member to contribute to their son or daughter’s mortgage without being a co-owner.
Metro Bank may be able to help with purchases or remortgages on second homes or those who may need a mortgage into retirement.
Metro Buy to let mortgages
Metro aim to help first time and small portfolio landlords who may need a more flexible approach to affordability on a buy to let mortgage.
They can consider a low minimum income or use your earned income when the rental achievable on the buy to let property is lower than the standard rental assessments in the market.
They can also consider a buy to let property where you have resided in the property. This is commonly referred to as consumer buy to let.
Metro Bank mortgage rates
Metro Banks’ mortgage rates are designed to be competitive but also flexible and easy to understand. To establish if they have the most competitive rate, you would need to consider all options available. A mortgage advisor can provide you with all your options to decide for yourself.
Can I remortgage with Metro Bank?
If you are already a customer of Metro Bank, they may be able to offer a rate switch a few months before your current rate comes to an end. You could look at switching either directly with them or get a mortgage broker to do this on your behalf, saving you time and hassle.
You should investigate if you can remortgage to a more competitive rate with another lender and weigh up all options available to you.
An independent mortgage advisor can advise you on all products available in the market and find the best option for you, which may not be staying with your current lender.
Metro Bank Product Transfer
You may be able to switch your Metro Bank Mortgage product online. If you are eligible you can switch your mortgage within the last three months of your current rate.
You must select it at least ten working days before your current one ends otherwise you will be moved to their Standard Variable Rate for a minimum of one month.
If you would like to make changes to your mortgage, it is advisable to speak with a mortgage advisor who can review your situation and recommend the best option / solution for you.
Can Metro Bank get a mortgage offer out quickly?
Metro Bank’s average time from application to offer is around four weeks. However, this duration may be extended for more complicated deals. If the mortgage speed is a priority for you, other products may be more suitable. Speak to a mortgage advisor to analyse your situation and provide the necessary advice.
Declined a mortgage by Metro Bank?
If you’ve been declined a mortgage from Metro Bank, a mortgage advisor could help you find a lender willing to give you a mortgage.
Metro Bank offers a more relaxed approach than other mainstream banks for those that do not have a perfect credit report. However, another lender may still help you, and a mortgage advisor may be able to support such a lender, regardless of your financial situation.
You should check your credit profile using either, Equifax, Experian or Check My File, which offers a free trial.
ARE YOU READY TO GET A MORTGAGE?
Conclusion
Metro Bank was founded in 2010 and was one of the first new high street banks to open in the UK in over 100 years. 2017. The bank expanded rapidly, becoming one of the largest banks in the UK.
The Mortgages Metro Bank mortgage offer is broad and designed to ensure that many customers can get the most out of their mortgages. Their approach aims to be practical, flexible, and easy to understand.
The Bank offers high loan to value residential mortgages, including higher income multiples for higher earners and professionals. Whilst aiming to help self-employed and contractor customers and those who receive a large percentage of their income via bonus, commission or overtime. Even if those customers have a less than perfect credit rating.
On buy to let, Metro aim to help first time and small portfolio landlords who may need a more flexible approach to affordability on buy to let. We can consider a low minimum income or using your earned income when the rental achievable on the buy to let property is lower than the standard rental assessments in the market.
If you are already a customer of Metro Bank, we may be able to offer a rate switch a few months before your current rate comes to an end. You could look at switching either directly with us or get a mortgage broker to do this on your behalf, saving you time and hassle.
Metro Bank offers a more relaxed approach than other mainstream banks for those that do not have a perfect credit report. However, another lender might still help you, and a mortgage advisor may be able to support such a lender, regardless of your financial situation.
Should you want to speak to a mortgage advisor, please complete the contact form below, and I NEED ADVICE will match you with a mortgage advisor who can review the whole market and recommend the right mortgage for you.
Please note, although the information on this page is correct at the time of writing, lenders change their policy on a regular basis so please use it as a guide only.
To find out up to date information about lenders and mortgage advice in general, contact a qualified mortgage adviser.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
