Metro Bank has announced a refresh of its near prime residential mortgage range.
The enhancements include a new increased maximum LTV of 85% and an improved loan size of up to £750,000.
Metro has also introduced greater repayment choice with interest-only, and part-and-part now available.
The Bank has also introduced higher limits for CCJs and defaults and will now ignore any utility or communication defaults. In addition, it has removed any cap on unsecured arrears providing they have cleared in the last three months.
Charles Morley, head of mortgage distribution at Metro Bank, commented: “Near prime products play an essential role in the market. Ensuring opportunities for those who may have a less than perfect credit profile to still be able to access mortgage products for that first or next step on the property ladder.
"As a specialist lender we work very hard to ensure our product range is relevant and appropriate for our customers. We always listen closely to all the valuable feedback we receive from our intermediary partners and we hope this refresh will be welcomed.”
