Metro Bank increases maximum mortgage loan size from £5-million to £10-million
Metro Bank has raised its maximum mortgage loan size from £5 million to £10 million.
The bank is looking to attract wealthier borrowers by providing low rates and a professional service. It is giving selected brokers access to its specialist large loan underwriters to ensure applications can progress as smoothly as possible.
The lender's large loan rates over £5 million are available to borrowers with a 50% deposit, then up to £5 million if you have a 40% deposit. There is a cap of £3 million for clients with a 35% deposit and a £2.5 million maximum if you have a 30% deposit.
The rates have £1,999 arrangement fees, and there are two, three and five-year fixed or tracker options. Borrowers can overpay up to 20% of the initial amount borrowed each year.
Aaron Strutt, product director at Trinity Financial, says: “Metro Bank can potentially accept multiple sources of income and profits before tax plus salary.
“It uses 4.5 times sole income and 4.49 times joint income multiples. It also potentially takes up to 100% of bonuses capped at 100% of the salary if there is a two-year track record.”
Call Trinity Financial on 020 7016 0790 to secure a large mortgage loan
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