Metro Bank has enhanced its maximum loan sizes for residential properties. The changes mean that loans up to 90% LTV will have a maximum loan amount of £1.25m, and loans up to 85% LTV will have a maximum loan amount of £2m. Increasing from £675k and £1m respectively.
Charles Morley, Director of Mortgage Distribution at Metro Bank comments:
“We understand that every person’s property journey is different and we work hard to make sure our product range reflects that. Today’s changes will support those higher earning customers who are borrowing £1m or more but may have a smaller deposit than many more mainstream products might allow. Ultimately providing greater flexibility and choice for the customer while also ensuring the health and vitality of the mortgage market.”
The changes in detail:
- Maximum loan for loans up to 90% LTV increased from £675k to £1.125m
- Maximum loan for loans up to 85% LTV increased from £1m to £2m
- Maximum loans for new build properties will stay at £1m at 85% LTV and £675,000 at 90% LTV.