We are delighted to inform going into 2015 Bespoke Finance is opening up Metro Bank mortgage offering to be available in all of England and Wales; Metro has opened their doors and no longer limited to London.
Metro Bank is Britains first new High Street Bank in over 100 years, its definitely different for instance mortgage applications are down to Manual Underwriting and not a formula on a computer.
Metro Bank Buy to Let Rates
- 4.09% Fixed for Five Years up to 75%
- 3.79% Fixed for Five years up to 65%
- 3.19% Fixed for Two Years up to 75%
- 2.99% Fixed for Two Years up to 65%
Metro Bank Residential Rates
- 3.69% Fixed for Five years up to 85% LTV
- 2.99% Fixed for Five years up to 70% LTV
- 2.84% Fixed for Five years up to 60% LTV
- 2.04% Fixed for Two years up to 70% LTV
Metro Bank Specialities
We’ve already mentioned the Manual Underwriting, this gives any solid case a chance rather than a yes/no criteria throwing out cases.
One interesting aspect is Metro will do Joint Borrower with a sole proprietor lending. Allowing those suffering an issue with income to find a partner to mitigate the lenders risk but the applicant still remains the “owner”.
The Southern Metro Bank customers have enjoyed up till now Free Valuation and Free Legals on re-mortgages on both Residential and Buy to Let. Metro Bank is looking to keep this Re-mortgage Package for all of England and Wales – this kind of offer brings “product switch” into question with your current banker – Metro could offer better rates.
As for overpayments Metro allows 20% Residential and 10% Buy to Let – Overpayments of the Total Borrowed each year.
The New Bank also allows Interest Only up to 70% LTV, whilst other lenders now only allow Repayment on Residential Mortgages. As long as you are able to provide that bank with a credible and provable repayment strategy in place from the outset.