Metro Bank is known for its focus on customer convenience; branches are open 7 days a week, there’s no need to make an appointment, and the products on offer are transparent and accessible. It was launched in 2010 and, despite being the first new high street bank to open in over 150 years, has since received numerous awards for its financial services. When it comes to mortgages, Metro Bank reviews each application on an individual basis and aims to make the process of getting a loan as smooth as possible.
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.63% fixed for 60 months reverting to 6.99% variable for term. 60 monthly payments of £1002.56 and 240 monthly payments of £1214.16. Total amount payable £351,932.00 includes loan amount, interest of £173,552, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.2% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgages can I get with Metro Bank?
Fixed rate Your mortgage reate will remain locked for a set amount of time.
Remortgages You can switch your existing mortgage to Metro Bank via one of its remortgage products.
Offset With this mortgaeg type, you can use your savings funds to offset the amount of the mortgage balance you pay interest on.
Tracker Your interest rate will shift up and down alongside another publicly-available interest rate, typically the Bank of England base rate.
Buy to let With this mortgage type, you’re eligible to purchase an additional property and let it out.
Shared ownership With this mortgage type, you can purchase a percentage of the property and pay rent on the remainder. You can then apply to buy additional percentages of the property as and when you can afford it.
How to apply
You can apply for a Metro Bank mortgage by calling 0345 08 08 500, visiting a local branch or arranging a callback via metrobankonline.co.uk
What information is needed to apply?
If you’re not an existing Metro Bank customer, you’ll need to provide proof of identity and proof of address. You’ll also need to provide proof of income via documents such as payslips, SA302s and company accounts.
Eligibility criteria
You must be aged over 18 when applying, and no older than 80 when the mortgage term is due to end. You must haved lived in the UK for the last three years and be applying to purchase a property in England, Wales or Scotland.
Employed applicants must have been in continuous employment for the last 12 months, and in their current job for three months.
Metro Bank will still consider applicants who have unsatisfied CCJs and defaults (up to £500) and satisfied CCJs and defaults (up to £1000). You’ll still be considered if you’ve suffered a bankruptcy or an IVA, provided it was satisfied at least three years ago.
Contact information
Make general mortgage queries by calling 0345 08 08 500 or visiting a local branch.
Frequently asked questions
Yes, you can overpay by up to 20% of the mortgage balance per year without facing an Early Repayment Charge.
With many mortgages, you’ll be eligible to receive up to £250 cashback upon mortgage confirmation. Valuation fees are waived.
Metro Bank’s branches are open on weekends and their phone lines are open 24 hours a day.
The minimum loan is £50,000.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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Matthew has written 306 Finder guides across topics including:
Helping first-time buyers apply for a mortgage
Comparing bank accounts and highlighting useful features
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