The Bank increased its maximum loan-to-value (LTV) ratio for new apartments and houses to 90%
Capital raising is now allowed up to 90% LTV (for other advances and re-mortgages)
Metro Bank has strengthened its line of residential mortgages for intermediaries and clients, with the latest in a long line of product improvements.
The specialist lender increased its maximum LTV for new construction properties to 90% from 85%. More good news for clients looking to buy a new property:
Available both on new houses and on apartments, with no maximum floor height restriction for the latter. At 90% LTV rates are 2.99% and a maximum loan amount of £ 675,000 applies, with offers valid for nine months.
The Bank has a dedicated new construction support team and underwriting specialists who understand the pressures of making a quick offer in time for the exchange.
Incentives to builders are accepted up to 5% of the purchase price. Incentives from builders may include a contribution to builders’ deposit, appliances, rugs and curtains, cash back, legal fees, and stamp duty contribution.
As a separate bonus for clients looking for a residential mortgage loan, the Bank has returned to its pre-Covid position of allowing the raising of capital for additional advances and re-mortgages up to 90% LTV. , which was temporarily limited to 80% LTV *.
Charles Morley, Director of Mortgage Distribution at Metro Bank, comments: “We are always keen to offer added value to our growing number of customers. These enhancements to our line of new residential mortgages, along with the increase in maximum LTVs for capital raising purposes, ensure that we provide increased value, flexibility and choice to both intermediaries and our clients. .
Notes to Editors
Metro Bank plc published this content on September 08, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 08 September 2021 07:51:08 AM UTC.