Metro Bank has enhanced the criteria for its employment and income requirements. The specialist lender will now accept court ordered child maintenance payments and foster income as part of a customer’s income. Customers with less than six months employment history can also now be accepted providing it is the result of a career break or parental leave.
Charles Morley, Director of Mortgage Distribution at Metro Bank comments:
“Family finances and income streams have become more complicated in recent years and, after listening to broker feedback we’re really excited to introduce these enhancements. We hope that by widening the criteria we can help more families take that necessary first or next step on the property ladder.”
The changes in detail:
- Child Maintenance (Court Ordered) – accepted providing that the child is under 13 years old at point of application.
- Foster income – accepted with 24-month history. Please note, this will need to be keyed as self-employed.
- Time in employment – can consider less than 6 months history if a result of career break or parental leave.