Metro will now allow up to 50% of the property value, on properties valued above £2m, to be used as the repayment strategy on interest only mortgages. It has also launched residential products of up to £5m and will consider mortgages above this amount, on a case-by-case basis.
In addition, Metro Bank will now accept a builder’s incentive of up to 5% the purchase price, with residential houses and flats up to 85% LTV, and BTL houses and flats up to 75% LTV.
Metro Bank has also launched a range of new 3 year fixed rates for residential and BTL mortgages.
Charles Morley, Head of Mortgage Distribution, Metro Bank, commented:
“These initiatives help to support our growth plans in the intermediary market throughout 2016. Metro Bank is committed to offering the very best in service and convenience and these developments are in direct response to us listening to our broker partners, and follows the launch of our mortgage switching portal, which pays procuration fees to introducers.”
