Metro Bank brings back pre mini-budget affordability multiples and boosts large mortgage loan choice

by Aaron Strutt

Feb 12 2023

Metro Bank for Intermediaries has made various policy improvements, brought out new deals, lowered mortgage rates and some of its product fees. 

Metro Bank has re-introduced its “pre mini-budget" enhanced income multiples of up to 5.5 times income for residential remortgage and purchase deals. This is up from 4.45 times income. 

There is no minimum income requirement to qualify for its 5.5 times salary professional range. Still, in its core and large loan offering, the minimum accepted income is £90,000 for five times salary. For those earning  £100,000, it rises to 5.5 times single and joint salaries.

Metro Bank is one of a limited number of lenders offering five times salary with three or four applicants with a combined income of £100,000. It also offers 5.5 times salary when three or four applicants apply with a combined income of £150,000.

The bank also provides longer mortgage terms as the oldest applicants can be 80 at the end of the mortgage, and it may even be possible to get the mortgage on interest only.  

Bonus, overtime and commission plus larger loans 

Metro Bank is offering more of its larger mortgage loan product after previously withdrawing them.

It also now asks for 12 months' proof of bonuses, overtime and commission, rather than taking a two-year average. It uses 60% of the latest year's figures, and this includes vested stock. 

Buy-to-let changes 

Metro Bank has lowered its five-year fixed buy-to-let stress rate from 7.5 per cent to 6.4 per cent.

It has also brought back its portfolio buy-to-let deals for those with a maximum of 10 properties, or a maximum of five or £5 million mortgages with Metro. 

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage   

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation