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Metro ups income multiple to 5.5 times

Jake Carter

May 14, 2021

Growth

Metro Bank has increased its income multiple up to 5.5 times annual earnings, subject to an affordability assessment.

Previously the lender only 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.

As well as this, it has opened its range 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 £2m.

The bank is also accepting customers looking to remortgage which it did not allow previously.

In addition, Metro Bank is expanding its 95% LTV range beyond purchase only to now include remortgages.

These will be offered on a 5-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.”


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