This website is for FCA Authorised Intermediaries only.
3 year UK address history is required.
Minimum Age: 18 years old. 21 years old for Professional Range.
Maximum: 80 years old.
Not Accepted.
Accepted - Standard criteria.
Parents and grandparents, children and grandchildren, brothers and sisters. Adopted, in law, half, and step members are also included in the definition.
Residential purchase applications and remortgage from a married applicant in a sole name are accepted.
Maximum of 4. 3rd and 4th applicants must be immediate family except on Joint Borrower/Sole Proprietor where they will be named on the Mortgage.
Maximum of 2 applicants on professional mortgage products.
Must be resident with Permanent rights to reside in the UK.
Settled/Pre-Settled Status under the EU settlement scheme is accepted.
Applicants on a Skilled Worker or Spousal visa can be considered for any residential product up to 75% LTV on all repayment methods. Skilled workers must supply evidence of sponsorship. Under 3 years UK history can be considered for these applications subject to full underwriting assessment and meeting the minimum credit score requirement.
Limited to 90% LTV.
Debt Consolidation limited to 80% LTV. No Debt to Income Ratio limit.
Interest Only accepted for all capital raising reasons, standard interest only criteria applies.
We can consider 90% LTV for applications where the remaining part of the property is being obtained, such as staircasing to 100%, repaying a Help To Buy Loan or a Transfer of Equity.
Purpose of capital raising required; evidence may be requested.
If you are capital raising for an onward property purchase, funds will be released at the point required to complete the purchase to the solicitor acting. If the property is not yet found or there will not be a simultaneous completion, funds will be held on retention for a maximum of 6 months. The purchase solicitor will need to request funds, confirming the amount required and address of onward purchase at least 5 days prior to expected completion date.
Not available for speculative investment, payment of tax bill or business/commercial use.
Capital raising must be for the benefit of all parties to the mortgage.
Treated as remortgage. Fee Assist products (including Legal Assist, Free Valuations and Cashback) are not available unless the loan exceeds £150,000.
Deposit must be from own resources.
Gifted Deposits are acceptable from:
A Metro Bank gifted deposit letter will be needed to be completed and additional source of funds maybe requested. Gifted deposits from family members (including spouse) who are to reside in the property are acceptable as long as an occupiers waiver is signed.
Deposits from Cryptocurrencies are not acceptable.
Our re-mortgage only range offers two specific fee-assisted options. Moving a mortgage to Metro Bank will result in legal and valuation costs. Please refer to our website for more information on our Fee-Assist options.
Accepted. Seller must be a close family member (non-family members accepted if named on mortgage as joint borrower). Gifted Equity can be used as deposit, a Gifted Deposit Form is required. Key the case with the market value and add a note stating the reduced sale price agreed and the relationship between parties.
Gifted Equity/Concessionary Purchase from family member if the property is held in LTD company name is not acceptable.
Not accepted, can consider joint borrower/sole proprietor applications.
Accepted. The monthly payment needs to be added as a commitment.
Please add a note via the 'Add a note' to confirm the source of deposit is Forces Help To Buy.
On all residential mortgages we allow customers to let their whole property via Airbnb or similar for up to 90 days per annum.
Letting of part of the property or room is not allowed.
Minimum Income of £50,000 required if any part of the loan is on Interest Only. This is total of all income sources from all applicants.
The maximum amount on interest only is 80% LTV.
The maximum LTV for part and part is 85% LTV.
Capital raising is accepted, maximum 85% LTV, except for Debt Consolidation where the maximum is 80% LTV.
Assets generated or held in a currency other than (£) sterling are not accepted as a Repayment Strategy.
Minimum Income of £50,000 required if any part of the loan is on Interest Only. This is total of all income sources from all applicants.
Sale of Subject Property accepted where there is a minimum equity of £250,000 in the property excluding other repayment strategies.
Sale of subject property is capped at 50% LTV. Interest only can be taken up to a maximum of 80% LTV overall using other repayment strategies or capital and interest repayment.
The maximum 50% from sale of subject property and 250k minimum equity rule is applied first. For example:
Property value £400,000 with a total loan of £320,000.
£150,000 of this is interest only sale of subject property. The remaining £170,000 can use an alternative acceptable interest only repayment strategy, capital and interest or part and part.
The following will be accepted as suitable repayment vehicles, with no minimum property value:
Sale of other property(ies) (that are not the main home of the applicant or relatives) – equity must be equal to 120% of the mortgage amount. Properties must be in applicant(s) names only.
Sale of liquid investments or savings more than 12 months old - 100% of current value.
Pension - 25% of current value. Refer SIPPS.
Endowments - 100% of current value.
We require suitable evidence of the repayment strategy.
Accepted. Maximum LTV 85%.
Where the second home is not for a relative then sale of the subject property is accepted as an interest only repayment strategy up to 80% LTV. With a further 5% available on capital and interest.
If the second home is for a relative then the standard interest only repayment strategies apply other than sale of subject property which is not accepted.
Accepted.
Independent Legal Advice required for all joint borrowers.
The Joint Borrower(s) can reside in the property.
Joint Borrower/Sole Proprietor (JB/SP) is not available for capital raising unless for the benefit of all parties.
JB/SP is not available on our Professional Mortgage Range.
Interest only repayment vehicles must be in the name of the proprietor or family member(s) only.
Maximum of 2 households only (including the security property household on completion). 2 households needs to be selected as part of the application and expenses from both households need to be included on the system.
Where a client applies for a residential purchase mortgage but will be letting their old residence out (rather than selling), the old main residential mortgage will be ignored if an ARLA letter shows rent will cover the mortgage repayments.
Minimum Loan: £50,000.
Maximum Loan: None, we can consider loans of any amount.
Maximum 95% Up to £675,000 loan amount
Maximum 90% Up to £ 1,125,000 loan amount (£675,000 loan amount for New Builds)
Maximum 85% Up to £2,000,000 loan amount (£1,000,000 loan amount for New Builds)
Maximum 80% Up to £2,000,000 loan amount
Maximum 75% Up to £2,500,000 loan amount
Maximum 70% Up to £5,000,000 loan amount
Maximum 65% Up to £10,000,000 loan amount
Subject to Product Availability
This range is designed for people with less than perfect credit profiles.
Purchase and Remortgage.
Maximum Loan £500,000.
Capital and Interest Only.
4.45 X Income Multiple.
Maximum 80% LTV.
Lower credit score requirement.
Please refer to credit history section for acceptable credit profiles.
Joint Borrow/Sole Proprietor accepted.
Other Criteria remains the same, max age, term, number of applicants etc.
Considered subject to:
Extension request received from Solicitor with reason for delay and confirmed completion date.
Confirmation there has been no change in the customers circumstances from the customer.
Up to date income documents (such as latest payslip) and latest bank statement.
Revaluation fee, if valuation over 6 months old.
If the extension is only for a short period we will normally allow for the same product to be used. For longer extensions a new product maybe needed to be selected.
New Build properties 270 days from the date of the completed valuation.
All other properties 180 days from the date of the completed valuation.
If you choose to instruct the valuation at the point of application submission, using the Instruct Valuation button, the 180 days (or 270 days for new build) commences from the date of the completed valuation and as a result could impact the offer validity period.
For fully qualified, registered and practicing Solicitors, Barristers, Medical Doctors, Accountants, Actuaries, Vets, Dentists, Surveyors, Architects and Engineers.
Maximum 2 applicants – 1 applicant needed to meet professional requirements.
5.5 times earned income – applies to both applicants, if the professional is the higher income earner (subject to affordability). If the non-professional is the higher income earner the 5.5 times income will be applied to the professional applicant only at underwriting stage.
Only Income from employment accepted - includes Self-Employed, Contractor, Limited Company and/or Employed.
Minimum Age – 21 years old.
All applicants must be named on the deeds.
Available for purchase and remortgage, including capital raising.
Professional(s) must have qualified within the last 10 years.
Professional(s) employed in a role without their qualification as their job title will be considered on an individual basis. E.g. a fully qualified accountant working as a senior finance manager would be considered for a Professional Mortgage.
Professional(s) must be registered with one of the registered bodies below:
Barristers
The Bar Council
Actuaries
The Institute and Faculty of Actuaries (IFoA)
Accountants
Institute of Chartered Accountants England & Wales
Institute of Chartered Accountants Scotland
Chartered Institute of Management Accountants
Association of Chartered Certified Accountants
Chartered Institute of Public Finance and Accountancy
Institute of Financial Accountants
Medical Doctors
General Medical Council
Solicitors
Law Society of Northern Ireland
Law Society of England & Wales
Law Society of Scotland
Dentists
General Dental Council (GDC)
Vets
Royal College of Veterinary Surgeons (RCVS)
Engineers
Institute of Engineering and Technology Incorporated Engineers (IEng)
Institute of Engineering and Technology Chartered Engineers (CEng)
Surveyors
Royal Institute of Chartered Surveyors (RICS)
Architects
Architects Registration Board (ARB)
Any withheld proportion of mortgage must be drawn within 6 months of the completion date.
Accepted.
Background mortgage payment and household expenditure needs to be included when calculating the maximum loan affordable.
If more than one mortgage held with Metro Bank, then the lending will need to meet the applicable loan to income multiple across all lending.
Minimum: 5 Years.
Maximum Capital and Interest: 40 Years.
Maximum Interest Only or Part and Part: 35 years.
The whole loan must be on the same term.
Accepted max 85% LTV.
We will accept up to 80% LTV on Interest Only (with sale of property as a repayment strategy) with an additional 5% on capital and interest repayment. No Minimum property value or remaining equity required.
Affordability calculation needs to cover both mortgage balances.
Accepted max 85% LTV.
We will accept up to 80% LTV on Interest Only with an additional 5% on capital and interest repayment. Sale of subject property is not accepted as a repayment strategy.
Affordability calculation needs to cover both mortgage balances.
Relative can be a joint borrower and reside. If a joint borrower they can also provide a gifted deposit/equity.
Not accepted, unless staircasing to 100% ownership. Maximum LTV is 95%.
Available to Nurses Only.
If Bank Work is a second job treated as overtime, 60% taken into account for affordability. This can be either the total of the last P60 or the year to date figure (not annualised).
If Primary/Only Income, 2 P60s required. Average of last 2 years P60's or the year to date figure used for affordability where payslips confirm at least the same level of income is being received.
Disability Living Allowance or Personal Independence Payment is accepted, if guaranteed for the life of mortgage and awarded to a person named on the mortgage.
All other benefits are not accepted.
Accepted, 60% taken into account for affordability. This can be either 60% of the total of the last P60 minus the basic or the year to date figure in the current tax year, minus the year to date basic (not annualised) or current years bonus payslip.
Not accepted.
Accepted where sustainable. Minimum 3 year track record and proof of ongoing sustainability.
Accepted. 100% used for affordability.
Accepted.
Current contract must be at least 3 months in length. If contract has no end date it must have been running for at least 3 months.
No more than 6 weeks of gaps in contracts over the last 12 months.
A 12 month contract history is not required for applicants who can evidence 12 months continuous history working within the same industry as evidenced by Contracts, P60’s or SA100 (Tax return with IR Mark).
Contracts must have a start date.
If current contract has less than 4 weeks to run we may require evidence that it has been renewed or a new contract obtained. If current contract has no end date we will look to confirm it has at least 4 weeks notice period or request confirmation that the contract will run for at least another 4 weeks.
Income calculated as a daily rate over 46 weeks based on 5 day working week (unless the contract restricts the applicant to less than this).
We require evidence of the current contract, 12 months same industry history and 1 months Bank statement showing receipt of contract income at level keyed.
Current contract must be at least 3 months in length. If contract has no end date it must have been running for at least 3 months.
No more than 6 weeks of gaps in contracts over last 12 months.
A 12 month contract history is not required for applicants who can evidence 12 months continuous history working within the same industry as evidenced by Contracts, P60 or SA100 (Tax Return with IR Mark).
Contracts must have a start date.
If current contract as less than 4 weeks to run we may require evidence that it has been renewed or a new contract obtained. If current contract has no end date we will look to confirm it has at least 4 weeks notice period or request confirmation that the contract will run for at least another 4 weeks.
Income will be assessed as guaranteed income (hourly/ daily rate multiplied by guaranteed hours/ days).
We require evidence of current contract, 12 months over last 12 months history and 1 months Bank statements showing receipt of contract income at level keyed. Payslips maybe requested where the payment on the bank statement differs from the contract after tax and national insurance has been deducted.
Accepted where customer is working directly for their end client on a PAYE basis.
Current contract must be at least 3 months in length. If contract has no end date it must have been running for at least 3 months.
No more than 6 weeks of gaps in contracts over last 12 months.
A 12 month contract history is not required for applicants who can evidence 12 months continuous history working within the same industry as evidenced by Contracts, P60 or SA100 (Tax Return with IR Mark).
Contracts must have a start date.
If current contract as less than 4 weeks to run we may require evidence that it has been renewed or a new contract obtained. If current contract has no end date we will look to confirm it has at least 4 weeks notice period or request confirmation that the contract will run for at least another 4 weeks.
Income will be assessed as guaranteed income (hourly/ daily rate multiplied by guaranteed hours/ days).
We require evidence of current contract, 12 months same industry history and 1 months Bank statements showing receipt of contract income at level keyed.
Not accepted.
Accepted at 100% if contracted and the same on every payslip.
If a varible amount we can consider at 60%. Refer to Bonus, Commission and Overtime criteria.
Not accepted.
Accepted. 24 months income evidence and Local Authority/Foster Agency Statement for the last 24 months and confirmation that most recent year’s figure is likely to continue for foreseeable future. Income must be keyed as self-employed and will be assessed as a 100% of the average of the last 24 months.
Foster children must be keyed as dependants.
All income multiples are 4.45x unless stated below:
|
|
House Purchase and Remortgage Ranges |
House Purchase and Remortgage Ranges |
Large Loan Range |
Professional Range |
|
Loan to Income Multiplier |
5x |
5.5x |
5.5x |
5.5x |
|
1 Applicant |
>=£90,000 |
>=£100,000 |
No minimum income |
Must meet Professional criteria |
|
2 Applicants |
||||
|
3 Applicants |
>=£100,000 |
>=£150,000 |
N/A |
|
|
4 Applicants |
||||
|
Max LTV |
85% |
85% |
85% |
90% |
New Build - Flat Maximum 85% LTV.
New Build - House Maximum 85% LTV.
Accepted at 5% of fund value.
Maximum term of 20 years.
Minimum managed portfolio value of £250,000.
Funds containing individual properties will have the value of the property excluded.
Highly volatile funds such as currency exchange, single stock or venture capital trusts, will be excluded.
Stand alone cash savings are not classed as an investment.
Accepted. 100% used for affordability.
If the applicant retires before the end of the mortgage term in order to confirm the affordibility in retirement, we will calculate the mortgage balance at the point of retirement using Metro Bank's stress rate and assess if the current level of retirement income is sufficient to meet the affordability assessment. We do not accept projections.
Earned income is accepted up to the age of 80 subject to a plausibility check that the applicant can continue in the current line of work until the declared retirement age. Retirement age will be capped for manual positions including driving and those with advertised retirement ages.
Accepted, if guaranteed for the life of mortgage or if child maintenance accepted if child is under 13 years old at the time of the application. 100% used for affordability.
Copy of court order required.
Not accepted.
Capital and Interest: No minimum income required.
Interest Only/Part and Part: Application must have a minimum usable income £50,000.
Accepted.
These can be considered on an individual basis. Please contact us to discuss.
Last payslip prior to leave and an employers letter that needs to confirm return to work date, salary, hours and no changes to terms and conditions.
Evidence of sufficient income/savings to cover any reduction in income during leave period required if not returning within 3 months.
Accepted. 100% of current level being received or if not yet drawn proof of eligibility to draw and we will use the amount left assuming the maximum tax free lump sum is taken.
Accepted.
5% of the current fund value.
Must be over 55 years old.
Maximum term of 20 years.
The value of any individual properties held within a SIPP will be excluded from the fund value.
Accepted. 100% of current level being received or if deferred the amount stated they can draw on last annual update.
Not accepted.
Accepted, 100% of latest year. Calculated as profit from land and property after removing any dis-allowable expenses - such as finance costs.
To be evidenced via most recent SA100 (submitted tax return) with Inland Revenue (IR) mark paired with the tax year overview. Box 40 minus Box 44 of the rental section.
Where the disallowed expenses/finance costs section (Box 44) is blank or does not meet the annualised mortgage costs of BTL's held then the income should be keyed as the profit (Box 40) and the BTL mortgage payment(s) should be added as a commitment.
Lodger’s income not accepted.
Rental income paid in cash is not accepted.
Accepted – 100% if 6 month track record of working two jobs and sustainable.
Sole Traders, Limited Company Shareholders and Partners Accepted.
Applicants classed as self employed if own 25% or more of a limited company.
2 years trading is required with a minimum of 2 years finalised figures.
The self employed income used for the application will be the maximum of the average last 2 or 3 years, which ever is the higher.
Profit before taxation plus directors remuneration can be considered for affordability if 100% of shareholders are on the mortgage and sustainability of the business can be confirmed.
Director’s remuneration plus average dividend for last 2 or 3 years is used for affordability where there is less than 100% ownership.
A Metro Bank Accountants Certificate or 1/2 years full company accounts submitted and registered with Companies House or 2/3 years tax calculations and overview with a covering letter from the verified accountant and the latest business Bank statement dated within the last 30 days are required.
Where firm is a national large recognised LLP we can use Current Drawings and Partnership Profit Share, with no minimum time working within the LLP assessed on a case by case basis.
Letter from CFO/Financial Director confirming when became an equity partner, percentage ownership, current drawings and the partnership profit share they would have earned at that level of ownership for the last 2 years.
Income used will be current drawings and latest years profit share.
Profit from Partnership. A minimum of 2 years trading required with 2 years fully submitted figures. We will use an average of the last 2 or 3 years figures (whichever is the higher) for affordability.
The latest months business bank statement dated within the last 30 days and Metro Banks Accountants Certificate or 1/2 years full partnership accounts or 2/3 years partnership tax returns required.
Profit from Self-Employment. A minimum of 2 years trading required with 2 years fully submitted figures. We will use an average of the last 2 or 3 years figures (whichever is the higher) for affordability.
The latest months business bank statement dated within the last 30 days and Metro Bank Accountants Certificate or 2/3 years Tax Calculations with accountants letter or 2/3 years SA100 (tax returns) with Inland Revenue mark required (where no accountant is used).
Main accountants’ qualifications accepted. These apply when using profit before tax, a Metro Bank Accountants Certificate or a covering letter is required from the accountant.
- Institute of Chartered Accountants England & Wales
- Institute of Chartered Accountants Scotland
- Chartered Institute of Management Accountants
- Association of Chartered Certified Accountants
- Chartered Institute of Public Finance and Accountancy
- Institute of Financial Accountants
- Association of Accounting Technicians
Not accepted.
Accepted if over 3 years. Average of last 3 years income used for affordability.
Can consider less than 6 months if gap relates to career breaks and/or parental leave. Will need to demonstrate an established career history which includes 6 months total employment. Demonstrated by way of P60(s) and Pay slip(s).
Accepted, must be guaranteed for term of mortgage and evidenced through Trust Deed, Trust Accounts and Investment Portfolio Reports showing underlying assets.
A valuation will be required for each application. Please refer to our website for more information on Valuations including fee scale.
Evidence of the following are unacceptable:
Reliance on Cash Advances from unsecured facilities such as Credit Cards.
Evidence of declined payments.
Satisfied:
£1,000 maximum total value across any number of CCJs satisfied within last 36 months.
Unlimited maximum total value across any number of CCJs satisfied over 36 months ago.
Unsatisfied:
£500 maximum total value across any number of CCJs.
No requirement to satisfy prior to application.
Satisfied:
£1,000 maximum total value across any number of Defaults satisfied within last 36 months.
Unlimited maximum total value across any number of Defaults satisfied over 36 months ago.
Unsatisfied:
£500 maximum total value across any number of Defaults.
£1,000 maximum total value across any number of Defaults on Near Prime Range only.
No requirement to satisfy prior to application.
Unsecured/Secured/Mortgages:
Up to a maximum status of 2 in the last 24 months, no cumulative limit across all accounts.
Note: Arrears on communication and utilities are ignored on Near Prime Range Only.
Satisfied:
Acceptable.
Unsatisfied:
Not acceptable.
Satisfied:
Acceptable.
Unsatisfied:
Not acceptable.
Discharged:
Acceptable only when bankruptcy order was over 36 months ago.
Satisfied:
Acceptable.
Unsatisfied:
Unacceptable.
Acceptable only 72 months after repossession.
Not acceptable.
All applications are subject to application score card, referenced against Equifax credit agency. This is a soft search at AIP stage and a hard search at FMA stage.
Need to demonstrate that any BTLs are self-financing by way of 1 months bank statements showing mortgage payments and rent received. (Rent received in cash not accepted).
Taken as commitment.
Deducted as a commitment at 3% of outstanding balance if to remain.
A debt consolidation form will be required.
No limit applied.
These will not be included in the affordability calculation.
Any debts remaining on completion are included as a commitment.
Any debts with less than 3 months to remain can be ignored.
Existing main residence mortgage will be ignored if a letter from an ARLA registered agent shows the rent will cover the mortgage repayments once the customer moves out.
If a new mortgage is being taken out on the property, a Mortgage Illustration will need to be provided and the rental will need to cover the new mortgage payment. The offer for the new mortgage will be required prior to completion.
Evidence of consent to let maybe requested when existing mortgage is being retained on residential terms.
Treated as running 2 houses and affordability calculation will take into account both mortgage payments and household running costs (if applicable).
Not taken as a commitment.
Affordability calculation needs to cover both mortgages.
Monthly Mortgage Payment for background property to be added as a remaining commitment.
Expenditure for both households will need to be added together to complete the application.
Subject to surveyor's comments on future saleability. Heavily Adapted Properties will not be accepted.
Not accepted.
Properties with annexes are acceptable provided that the annexe is in keeping with the property and the valuer confirms that the security is suitable security for a residential mortgage. Annexes must be used by the family and not separately let. The valuer to confirm marketability of standard families not just investors. Properties with separate utilities are not accepted, those with a second council tax can be considered subject to above.
Accepted. Monthly payment needs to be added as a commitment.
Not accepted.
Accepted subject to surveyor's comments.
Not accepted.
Accepted, such as Wimpey No-Fines & Laing Easiform subject to surveyor's comments.
Accepted - subject to surveyor’s comments that the property and location does not adversely affect saleability.
Not accepted.
Not accepted.
Accepted subject to surveyor's comments.
Not accepted.
Properties defective under the 1984 Housing Act:
Airey
Boot
Boswell
Cornish Unit (1)
Cornish Unit (2)
Dorran (1)
Dorran (2)
Dyke
Gregory
Myton (1)
Myton (2)
Newland (1)
Newland (2)
Orlit
Parkinson
Reema Hollow Panel
Schindler & Hawksley SGS
Smith
Stent
Stonecrete
Tarran
Tarran (2)
Underdown
Unity & Butterley (1)
Unity & Butterley (2)
Waller
Wates
Wessex (1)
Wessex (2)
Winget
Woolaway
We rely upon the professional opinion of our panel surveyor to identify if a property identifies the presence of any aluminium composite material, or potentially combustible cladding/fire safety concerns. If this is the case then an EWS1 form will be required. The EWS1 form will need to be prepared by a suitably qualified independent professional advisor who is a member of one of the professional body approved by the Ministry of Housing, Communities and Local Government (MHCLG ) and provided by the building owner/agent.
Solicitor to provide a fully completed EWS1 form (of an A1, A2 or B1 rating) completed by an appropriate signatory (see the RICS website for a list of relevant professional bodies for completion of a EWS1 form). If the signatory is not on the FIA portal then Metro Bank also require a covering letter from the signatory confirming the information contained in the EWS1 form. This information must be provided to Metro Bank for consideration and approval prior to completion.
Houses accepted. Flats accepted subject to a maximum number of stories in the block of 6. Balcony/Deck access accepted subject to surveyor’s comments.
No Maximum except Ex -Local Authority where the maximum is 6. If the building has more than 4 stories it must have a lift.
Accepted at standard LTVs.
Minimum Gross Internal Area of 30m2.
Maximum 20% of total floor area can be on a flying freehold.
Not accepted or where the Leaseholder 'or an associated party' also controls the freehold. This includes where the ownership of the freehold is through a Limited Company.
Share of freehold accepted as long as in line with number of flats in the block. Such as if 25% share is owned and there are 4 flats in the block this is acceptable. If over 25% of the freehold is owned and there are 4 flats in the block this is not acceptable.
New builds/conversions must have an initial minimum lease term of 125 years;
The maximum initial ground rent should initially be no more than 0.25% of market value; For Leases granted after 30 June 2022, ground rent must be "peppercorn", in line with the Leasehold Reform (Ground Rent) Act 2022;
The ground rent must not be reviewed less than every 10 years;
The ground rent must only be reviewed in line with the RPI or equivalent;
Event fees can only be based on the reasonable administration costs incurred.
Not accepted.
Accepted on Residential mortgages for up to 90 days per annum as per standard mortgage terms and conditions.
Property still in deceased name: treat as a purchase with inherited share used as deposit. Solicitor to confirm details of inheritance.
If property in applicants name: treat as a remortgage, capital raising for reason other than paying off other inherited parties is not accepted. Valuation used will be the lower of inheritance valuation or our mortgage valuation.
Category D (Report) - Acceptable. Japanese Knotweed was not seen on this property, but it can be seen on a neighbouring property or land where it was within 3 meters of the boundary.
Category C (Manage) - Acceptable. Japanese Knotweed was identified within the boundaries of this property, but it is not causing visible, material damage to the structure and is not likely to prevent access to or restrict use of amenity space.
Category A and Category B (Action) - Unacceptable unless appropriate treatment plan provided by a company affiliated to either the Property Care Association Invasive Weed Group or the Invasive Non-Native Species Association (INNSA) in place. The treatment plan must be paid for in full prior to Metro Bank releasing funds and benefit from a 5 year warranty/insurance backed guarantee.
Not accepted.
Accepted, if in annex or in keeping with the property subject to surveyor's comments; otherwise not accepted.
Minimum 50 years unexpired term on lease at end of mortgage term, subject to surveyor's comments.
Grade I, II* and II (A, B and C in Scotland) accepted - subject to full valuation and surveyor’s comments.
Not accepted.
Mainland England, Wales and Scotland.
For Scotland we will not lend in the following postcodes:
Western Isles (HS)
Highlands (KW & ZE)
We currently do not accept transcripts.
Not accepted where there is an uncapped mineshaft that affects the property.
Accepted, subject to:
Planning and building regulation compliance.
An acceptable building standards warranty scheme being available.
Buildings insurance being obtainable under normal terms.
A minimum design life of 60 years as confirmed by a British accredited body (i.e. BRE, BOPAS).
Saleability confirmed by the surveyor.
Being situated in a suitable location as defined by the surveyor.
Property built/converted in last 12 months (based on completion certificate) and being occupied for the first time.
Maximum 90% LTV. Maximum loans of £1,000,000 at 85% LTV and £675,000 at 90% LTV.
Maximum 90% LTV. Maximum loans of £1,000,000 at 85% LTV and £675,000 at 90% LTV.
Builder Incentives accepted up to 5% of the purchase price. Builder incentive can include builders deposit contribution, white goods, carpets and curtains, cashback, legal fees and a contribution towards stamp duty.
Accepted subject to valuers comments.
Properties that have been built or converted in the last 10 years require suitable warranties/guarantees to be in place.
Acceptable Warranties:
ABC+, Advantage Warranties, Ark Latent Defects Insurance, Build Assure, Build Zone, Building Life Plan, Checkmate Castle, Compariqo, Global Home Warranties, Homeproof / Titan (formally Aedis Warranties), International Construction Warranties, LABC - New Home Warranty, NHBC, One Guarantee, Premier Guarantee, Protek, The Q Policy.
Not accepted - property has to be secure; structurally sound; insurable; have a working kitchen with running water, storage and ability to heat food; have a working bathroom with working lavatory, sink and ability to shower or bath and subject to surveyor's comments.
Accepted. Maximum 25% of the overall property size.
Not accepted.
Not accepted.
Not accepted.
Not accepted.
Not accepted.
Not accepted. Which includes during pre-emption or right of refusal period.
Not accepted, unless completed and covered by a suitable structural new build warranty.
Land would need to have been owned for at least 6 months.
Not accepted.
Not accepted unless staircasing to 100% ownership.
Accepted, providing no lease agreement exists.
Accepted, subject to a structural report from a suitably qualified engineer (MICE, FICE, MIStructE, FIStructE) or a Chartered Building Surveyor (MRICS, FRICS) is required to confirm if it is of an acceptable standard for mortgage purposes and surveyor's comments on marketability and the suitability of the security for mortgage lending.
Accepted. Minimum Gross External Area of 35m2.
Accepted, subject to surveyor’s comments.
Accepted, with durable outer leaf, subject to surveyor's comments on marketability and the suitability of the security for mortgage lending.
Properties which are all timber are not acceptable.
Properties under-pinned in the last 10 years are not accepted unless covered by a 20 year guarantee.
3 year UK address history is required.
Minimum Age: 21 years old.
Maximum Age: 85 years old.
Not accepted.
At least one applicant named on the deeds needs to be an owner occupier on completion.
Accepted.
Spouse, parents and grandparents, children and grand-children, brothers and sisters. Adopted, in law, half, and step members are also included in the definition.
Maximum of 4.
Maximum of 2 applicants on cases where earned income is used to support rental shortfalls (Top Slicing).
Must be resident with Permanent rights to reside in the UK.
Settled/Pre-Settled Status under the EU settlement scheme is accepted.
Must be an owner-occupier or be an experienced landlord.
For JBSP the person on title must be an owner occupier or have an other BTL.
Directors must meet Metro Bank standard lending criteria.
All Directors must be Shareholders. Directors/shareholders must be the same people and have 100% shareholding. Each Director must provide a personal guarantee for 100% of the mortgage debt. This lending is not available where any Director has existing lending with Metro Bank of over £1m on non-residential assets.
At least one director needs to be an owner occupier on completion.
Accepted.
Lending to Limited Companies is not accepted where:
Country of incorporation / establishment / registered address/ domicile of trust / any business interests of Directors are outside England, Wales or Scotland / any income received is not in GBP. Foreign income is not accepted.
The maximum number of Directors/shareholders is four.
No minimum time since incorporation, however must be registered on Companies House prior to starting the application and we must also be able to run an Experian Business Search in order for an application to be submitted.
Accepted SIC Codes are:
68100 - Buying and selling of own real estate.
68209 - Letting and operating of own or leased real estate.
68320 - Management of real estate.
No other SIC Codes accepted individually or in conjunction.
Limited to 75% LTV including Debt Consolidation. No Debt to Income Ratio limit.
Interest Only available for all accepted capital raising reasons.
Purpose of capital raising required; evidence may be requested.
If you are capital raising for an onward property purchase, funds will be released at the point required to complete the purchase to the solicitor acting. If the property is not yet found or there will not be a simultaneous completion, funds will be held on retention for a maximum of 6 months. The purchase solicitor will need to request funds, confirming the amount required and address of onward purchase at least 5 days prior to expected completion date.
Not available for speculative investment, payment of tax bill or business/commercial use.
Capital raising must be for the benefit of all parties to the mortgage.
Treated as remortgage. Fee Assist products (including Legal Assist, Free Valuations and Cashback) are not available unless the loan exceeds £150,000.
Accepted.
Metro Bank provide regulated Consumer Buy to Let mortgages.
Metro Bank defines a Consumer Buy to Let Mortgage as a Buy to Let mortgage where both of the following are true:
Any applicant or a close family relative of the applicant(s) have resided in the property since acquirement/ purchase, or the property has been inherited.
AND
At least one of the applicants does not own any other Buy to Let properties.
Deposit must be from own resources.
Gifted Deposits are acceptable from:
A Metro Bank gifted deposit letter will be needed to be completed and additional source of funds maybe requested.
Deposits from Cryptocurrencies are not acceptable.
Shareholder/Directors Loan accepted as deposit for Limited Company BTL. A Gifted Deposit Form is required.
Intercompany loan are accepted for Limited Company BTL applications where the shareholders on the donor company are the same individuals on the SPV.
Our re-mortgage only range offers two specific fee-assisted options. Moving a mortgage to Metro Bank will result in legal and valuation costs. Please refer to our website for more information on our Fee-Assist options.
Accepted. Seller must be a close family member. Gifted Equity can be used as deposit, a Gifted Deposit Form is required. Key the case with the market value and add a note stating the reduced sale price agreed and the relationship of the family member.
Gifted Equity/Concessionary Purchase from family member if the property is held in LTD company name is not acceptable.
Not accepted, can consider joint borrower/sole proprietor applications on Non-Limited Company Buy to Lets.
Sale of Subject Property accepted up to 75% LTV.
The following will be accepted as suitable repayment vehicles:
Sale of other property(ies) (that are not the main home of the applicant or relatives) – equity must be equal to 120% of the mortgage amount. Properties must be in applicant(s) names only.
Sale of liquid investments or savings more than 12 months old - 100% of current value.
Pension - 25% of current value. Refer SIPPS.
Endowments - 100% of current value.
We require suitable evidence of the repayment strategy.
Accepted for Non-Limited Company BTL.
Independent Legal Advice required for all joint borrowers.
The Joint Borrower(s) cannot reside in the property. Joint Borrower/Sole Proprietor is not available for capital raising unless for the benefit of all parties.
Joint borrower can provide a gifted deposit.
Maximum of 2 households only (excluding the security property household on completion) expenses from both households need to be included in the online budget planner.
The person named on the deeds must be an owner occupier or experienced landlord.
Where a client applies for a BTL Remortgage to let their current residence out (rather than selling) and purchasing a new main residence, a copy of the onward purchase ESIS will be required.
Completion of both mortgages must be simultaneous.
Loan: ￡100,000.
Maximum Loan: None, we can consider loans of any amount subject to maximum annual rent of ￡100,000.
Maximum 80% Up to £500,000 loan amount (not accepted for new lending)
Maximum 75% Up to £2,000,000 loan amount
Maximum 70% Up to £2,500,000 loan amount
Maximum 65% Up to £3,000,000 loan amount
Maximum 60% Up to £10,000,000 loan amount
Maximum 50% Over £10,000,000 loan amount
Subject to Product Availability
£100,000 per annum.
New Build properties 270 days from the date of the completed valuation.
All other properties 180 days from the date of the completed valuation.
If you choose to instruct the valuation at the point of application submission, using the Instruct Valuation button, the 180 days (or 270 days for new build) commences from the date of the completed valuation and as a result could impact the offer validity period.
Considered Subject to:
Extension request received from Solicitor with reason for delay and confirmed completion date.
Confirmation there has been no change in the customers circumstances from the customer.
Up to date income documents (such as latest payslip) and latest bank statement.
Revaluation fee, if valuation over 180 days old.
If the extension is only for a short period we will normally allow for the same product to be used. For longer extensions a new product maybe needed to be selected.
Accepted. This is classed as any Buy to Let application where the applicants will own either in sole name or jointly, the sum of 4 or more Buy to Let properties with mortgages on completion, this includes any Buy to Let properties owned in Limited Companies.
Please complete the “Portfolio Landlord Document Pack” and provide 3 months bank statements.
Where the application is for a Limited Company BTL and meets the Portfolio Landlord definition and the company has been incorporated for at least 18 months at the start of the application, the latest set of fully submitted company accounts must be provided.
Maximum portfolio size of 10 of which all of which can be mortgaged properties with Metro Bank or maximum of £10 million of BTL lending with Metro Bank, whichever binds first.
Not accepted.
|
Limited Company Individual - Basic Rate Tax |
125% 125% |
|
Individual - Higher Rate Tax |
145% |
|
Top Slicing |
100% |
|
PTBL Background Portfolio - Ltd Co BTL |
125% |
|
PTBL Background Portfolio - Non Ltd CO BTL |
140% |
|
Stress Rate < 5 year fixed |
Pay Rate + 2% (minimum 5.5%) |
|
> = 5 year fixed OR £4£ remortgage |
Pay rate |
|
PTBL Background Portfolio |
5.50% |
For Background Portfolio (Non - Portfolio Landlords), there is no stress rate however rental received needs to cover mortgage payment.
For non-portfolio landlords, background BTL's are not assessed.
Please use the online calculator to confirm the maximum loan available to your customer.
Any withheld proportion of mortgage must be drawn within 6 months of the completion date.
For Self Financing Non Portfolio BTLs using a 145% ICR or Limited Company BTLs using 125% ICR - Income Proof is not required, however an allowable income must be declared on the application.
Rental Income is not accepted for BTLs and should not be keyed.
For Self Financing Non Portfolio & Non Limited Company BTLs using 125% ICR - Proof of level of income is required - SA302 (Tax Calculation and Overview with Inland Revenue Mark) or if the applicant has not submitted one within the last 12 months a P60.
One months bank statement dated within the last 30 days for each applicant showing expenditure is required on every case.
Single AST (Short Assured Tenancy/Private Residential Tenancy in Scotland) - Multiple tenancies not accepted.
Maximum of 36 months which must contain an annual break clause and be regulated by the Housing Act 1988.
Other forms of tenancy are not acceptable, for example Common Law Tenancies, typically used when letting to a company, where the annual rent is more than £100,000 or where the landlord is a resident.
Maximum of 5 adults forming a single household.
Family members, corporate, HMOs, student lets, holiday lets and individuals with diplomatic immunity are not accepted.
Rental paid in cash not accepted.
Minimum: 5 Years.
Maximum: 35 years.
The whole loan must be on the same term.
Accepted for Non-Limited Company BTL. Please use the online calculator to confirm the maximum loan available to your customer.
Maximum of 2 applicants.
Rent must be equal to, or greater than, 100% cover of the mortgage interest amount calculated at the stress rate for the product selected.
Portfolio Top-slicing - accepted, rent must be equal to, or greater than, 100% cover of the mortgage interest amount calculated at 5.5%.
Minimum income of £50,000 for a single application, or £75,000 for a joint application. (Income from rent is not permitted to support top-slicing).
Earned income only accepted up to age 80 to support Top-slicing.
Available to Nurses Only.
If Bank Work is a second job treated as overtime, 60% taken into account for affordability. This can be either the total of the last P60 or year to date figure (not annualised).
If Primary/Only Income, 2 P60s required. Average of last 2 years P60's used for affordability where payslips confirm at least the same level of income is being received.
Disability Living Allowance or Personal Independence Payment is accepted, if guaranteed for the life of mortgage and awarded to a person named on the mortgage.
All other benefits are not accepted.
Accepted, 60% taken into account for affordability. This can be either 60% of the total of the last P60 minus the basic or the year to date figure in the current tax year, minus the year to date basic (not annualised) or current years bonus payslip.
Not accepted.
Accepted where sustainable. Minimum 3 year track record and proof of ongoing sustainability.
Accepted. 100% used for affordability.
Accepted.
Current contract must be at least 3 months in length. If contract has no end date it must have been running for at least 3 months.
No more than 6 weeks of gaps in contracts over the last 12 months.
A 12 month contract history is not required for, applicants will need to evidence 12 months continuous history working within the same industry as evidenced by contracts, P60’s or SA100 (Inland Revenue Tax Return with IR Mark).
Contracts must have a start date.
If current contract has less than 4 weeks to run we may require evidence that it has been renewed or a new contract obtained . If current contract has no end date we will look to confirm it has at least 4 weeks notice period or request confirmation that the contract will run for at least another 4 weeks.
Income calculated as a daily rate over 46 weeks based on 5 day working week (unless the contract restricts the applicant to less than this).
We require evidence of the current contract, 12 months history of same industry experience and 1 months Bank statements showing receipt of contract income at level keyed.
Current contract must be at least 3 months in length. If contract has no end date it must have been running for at least 3 months.
No more than 6 weeks of gaps in contracts over last 12 months.
A 12 month contract history is not required for applicants who can evidence 12 months continuous history working within the same industry as evidenced by P60’s.
Contracts must have a start date over last 12 months.
If current contract as less than 4 weeks to run we may require evidence that it has been renewed or a new contract obtained. If current contract has no end date we will look to confirm it has at least 4 weeks notice period or request confirmation that the contract will run for at least another 4 weeks.
Income will be assessed as guaranteed income (hourly/ daily rate multiplied by guaranteed hours/ days).
We require evidence of current contract, 12 months same industry history and 1 months Bank statements showing receipt of contract income at level keyed. Payslips maybe requested where the payment on the bank statement differs from the contract after tax and national insurance has been deducted.
Accepted where customer is working directly for their end client on a PAYE basis.
Current contract must be at least 3 months in length. If contract has no end date it must have been running for at least 3 months.
No more than 6 weeks of gaps in contracts over last 12 months.
A 12 month contract history is not required for applicants who can evidence 12 months continuous history working within the same industry as evidenced by contracts, P60’s or SA100 (Tax Return with IR Mark).
Contracts must have a start date.
If current contract as less than 4 weeks to run we may require evidence that it has been renewed or a new contract obtained. If current contract has no end date we will look to confirm it has at least 4 weeks notice period or request confirmation that the contract will run for at least another 4 weeks
Income will be assessed as guaranteed income (hourly/ daily rate multiplied by guaranteed hours/ days).
We require evidence of current contract, 12 months same industry history and 1 months Bank statement showing receipt of contract income at level keyed.
Not accepted.
Accepted at 100% if contracted and the same on every payslip.
If a variable amount we can consider at 60%. Refer to Bonus, Commission and Overtime criteria.
Not accepted.
Accepted. 24 months income evidence and Local Authority/Foster Agency Statement for the last 24 months and confirmation that most recent year’s figure is likely to continue for foreseeable future. Income must be keyed as self-employed and will be assessed as a 100% of the average of the last 24 months.
Foster children must be keyed as dependants.
Income proof is not required on self funding non portfolio BTLs.
Accepted at 5% of fund value.
Maximum term of 20 years.
Minimum managed portfolio value of £250,000.
Funds containing individual properties will have the value of the property excluded.
Highly volatile funds such as currency exchange, single stock or venture capital trusts, will be excluded.
Stand alone cash savings are not classed as an investment.
Accepted. 100% used for affordability.
If the applicant retires before the end of the mortgage term in order to confirm the affordability in retirement, we will calculate the mortgage balance at the point of retirement and assess if the current level of retirement income is sufficient to meet the affordability assessment. We do not accept projections.
Earned income is accepted up to the age of 80 subject to a plausibility check that the applicant can continue in the current line of work until the declared retirement age. Retirement age will be capped for manual positions including driving and those with advertised retirement ages.
Accepted, if guaranteed for the life of mortgage or if child maintenance accepted if Court Order child is under 13 years old at the time of the application. 100% used for affordability.
Copy of court order required.
Not accepted.
None unless Top Slicing, where a minimum income of £50,000 on an application for a single applicant or £75,000 for joint applicants is required.
No minimum however must have an acceptable income other than rental.
These can be considered on an individual basis. Please contact us to discuss.
Last payslip prior to leave and an employers letter that needs to confirm return to work date, salary, hours and no changes to terms and conditions.
Sufficient income/savings to cover any reduction in income during leave period required if not returning within 3 months.
Accepted. 100% of current level being received or if not yet drawn proof of eligibility to draw and we will use the amount left assuming the maximum tax free lump sum is taken.
Accepted.
5% of the current fund value.
Must be over 55 years old.
Maximum term of 20 years.
The value of any individual properties held within a SIPP will be excluded from the fund value.
Accepted. 100% of current level being received or if deferred the amount stated they can draw on last annual update.
Not accepted.
Not accepted to support BTL applications. This should be excluded when keying the online application.
Accepted – 100% if 6 month track record of working two jobs and sustainable.
Sole Traders, Limited Company Shareholders and Partners Accepted.
Applicants classed as self employed if own more than 25% of a limited company.
2 years trading is required with a minimum of 2 years finalised figures.
The self employed income used for the application will be the maximum of the average last 2 or 3 years, which ever is the higher.
Profit before taxation plus directors remuneration can be considered for affordability if 100% of shareholders are on the mortgage and sustainability of the business can be confirmed.
Director’s remuneration plus average dividend for last 2 or 3 years is used for affordability where there is less than 100% ownership.
A Metro Bank Accountants Certificate or 1/2 years full company accounts submitted and registered with Companies House or 2/3 years tax calculations and overview with a covering letter from the verified accountant and the latest business Bank statement dated within the last 30 days are required.
Where firm is a national large recognised LLP we can use Current Drawings and Partnership Profit Share, with no minimum time working within the LLP assessed on a case by case basis.
Letter from CFO/Financial Director confirming when became an equity partner, percentage ownership, current drawings and the partnership profit share they would have earned at that level of ownership for the last 2 years.
Income used will be current drawings and latest years profit share.
Profit from Partnership. A minimum of 2 years trading required with 2 years fully submitted figures. We will use an average of the last 2 or 3 years figures (whichever is the higher) for affordability.
The latest months business bank statement dated within the last 30 days and Metro Banks Accountants Certificate or 1/2 years full partnership accounts or 2/3 years partnership tax returns required.
Profit from Self-Employment. A minimum of 2 years trading required with 2 years fully submitted figures. We will use an average of the last 2 or 3 years figures (whichever is the higher) for affordability.
The latest months business bank statement dated within the last 30 days and Metro Bank Accountants Certificate or 2/3 years Tax Calculations with accountants letter or 2/3 years SA100 (tax returns) with Inland Revenue mark required (where no accountant is used).
Main accountants’ qualifications accepted. These apply when using profit before tax, a Metro Bank Accountants Certificate or a covering letter is required from the accountant.
- Institute of Chartered Accountants England & Wales
- Institute of Chartered Accountants Scotland
- Chartered Institute of Management Accountants
- Association of Chartered Certified Accountants
- Chartered Institute of Public Finance and Accountancy
- Institute of Financial Accountants
- Association of Accounting Technicians
Not accepted.
Accepted if over 3 years. Average of last 3 years income used for affordability.
Can consider less than 6 months if gap relates to career breaks and/or parental leave. Will need to demonstrate an established career history which includes 6 months total employment. Demonstrated by way of P60(s) and Pay slip(s).
Accepted, must be guaranteed for term of mortgage and evidenced through Trust Deed, Trust Accounts and Investment Portfolio Reports showing underlying assets.
A valuation will be required for each application. Please refer to our website for more information on Valuations including fee scale.
Evidence of the following are unacceptable:
Reliance on Cash Advances from unsecured facilities.
Evidence of declined payments
Satisfied:
£1,000 maximum total value across any number of CCJs satisfied within last 36 months.
Unlimited maximum total value across any number of CCJs satisfied over 36 months ago.
Unsatisfied:
£500 maximum total value across any number of CCJs.
No requirement to satisfy prior to application.
Satisfied:
£1,000 maximum total value across any number of Defaults satisfied within last 36 months.
Unlimited maximum total value across any number of Defaults satisfied over 36 months ago.
Unsatisfied:
£500 maximum total value across any number of Defaults.
No requirement to satisfy prior to application.
Unsecured/Secured/Mortgages:
Up to a maximum status of 2 in the last 24 months, no cumulative limit across all accounts.
Satisfied:
Acceptable.
Unsatisfied:
Not acceptable.
Satisfied:
Acceptable.
Unsatisfied:
Not acceptable.
Discharged:
Acceptable only when bankruptcy order was over 36 months ago.
Satisfied:
Acceptable.
Unsatisfied:
Not acceptable.
Acceptable only 72 months after repossession.
Not acceptable.
All applications are subject to credit score-carding referenced against Equifax credit agency.
Non Portfolio BTL - Self financing, the latest months bank statements dated within the last 30 days showing mortgage payments and rent received.
Portfolio BTL - overall portfolio needs to fit on Metro Banks stress calculation of 5.5%. Properties in personal name are counted at 140%, and in Limited Company BTL name at 125%. Top Slicing on the portfolio is available for Non-Limited Company BTL's only. Refer to Top Slicing policy.
If Top Slicing then taken as commitment.
If Top Slicing then deducted as a commitment at 3% of outstanding balance if to remain.
No limit applied.
If Top Slicing any debts remaining on completion are deducted as a commitment.
Any debts with less than 3 months to run can be ignored.
Not taken as a commitment.
Subject to surveyor's comments on future saleability. Heavily Adapted Properties will not be accepted.
Accepted subject to surveyor's comments if in keeping with the property.
Must be let out under one tenancy agrement.
Must not have separate council tax or utilities.
Must not have its own access/driveway.
Not accepted.
Accepted subject to surveyor's comments.
Not accepted.
Accepted, such as Wimpey No-Fines & Laing Easiform subject to surveyor's comments.
Accepted - subject to surveyor’s comments that the property and location does not adversely affect saleability.
Not accepted.
Not accepted.
Accepted subject to surveyor's comments.
Not accepted.
Properties defective under the 1984 Housing Act:
Airey
Boot
Boswell
Cornish Unit (1)
Cornish Unit (2)
Dorran (1)
Dorran (2)
Dyke
Gregory
Myton (1)
Myton (2)
Newland (1)
Newland (2)
Orlit
Parkinson
Reema Hollow Panel
Schindler & Hawksley SGS
Smith
Stent
Stonecrete
Tarran
Tarran (2)
Underdown
Unity & Butterley (1)
Unity & Butterley (2)
Waller
Wates
Wessex (1)
Wessex (2)
Winget
Woolaway
Required confirming that an energy performance indicator of no less than E is in place (applicable to properties located in England & Wales only).
We rely upon the professional opinion of our panel surveyor to identify if a property identifies the presence of any aluminium composite material, or potentially combustible cladding/fire safety concerns. If this is the case then an EWS1 form will be required. The EWS1 form will need to be prepared by a suitably qualified independent professional advisor who is a member of one of the professional body approved by the Ministry of Housing, Communities and Local Government (MHCLG ) and provided by the building owner/agent.
Solicitor to provide a fully completed EWS1 form (of an A1, A2 or B1 rating) completed by an appropriate signatory (see the RICS website for a list of relevant professional bodies for completion of a EWS1 form). If the signatory is not on the FIA portal then Metro Bank also require a covering letter from the signatory confirming the information contained in the EWS1 form. This information must be provided to Metro Bank for consideration and approval prior to completion.
Houses accepted. Flats accepted subject to a maximum number of stories in the block of 6. Balcony/Deck access accepted subject to surveyor’s comments.
No Maximum except Ex-Local Authority where the maximum is 6. If the building has more than 4 stories it must have a lift.
Accepted at standard LTVs.
Minimum Gross Internal Area of 30m2.
Maximum 20% of total floor area can be on a flying freehold.
Not accepted or where the Leaseholder 'or an associated party' also controls the freehold. This includes where the ownership of the freehold is through a Limited Company.
Share of freehold accepted as long as in line with number of flats in the block. Such as if 25% share is owned and there are 4 flats in the block this is acceptable. If over 25% of the freehold is owned and there are 4 flats in the block this is not acceptable.
New builds/conversions must have an initial minimum lease term of 125 years;
The maximum initial ground rent should initially be no more than 0.25% of market value; For Leases granted after 30 June 2022, ground rent must be "peppercorn", in line with the Leasehold Reform (Ground Rent) Act 2022;
The ground rent must not be reviewed less than every 10 years;
The ground rent must only be reviewed in line with the RPI or equivalent;
Event fees can only be based on the reasonable administration costs incurred.
Not accepted.
Not accepted.
Property still in deceased name: treat as a purchase with inherited share used as deposit. Solicitor to confirm details of inheritance.
If property in applicants name: treat as a remortgage, capital raising for reason other than paying off other inherited parties is not accepted. Valuation used will be the lower of interitance valuation or our mortgage valuation.
Category D (Report) - Acceptable. Japanese Knotweed was not seen on this property, but it can be seen on a neighbouring property or land where it was within 3 meters of the boundary.
Category C (Manage) - Acceptable. Japanese Knotweed was identified within the boundaries of this property, but it is not causing visible, material damage to the structure and is not likely to prevent access to or restrict use of amenity space.
Category A and Category B (Action) - Unacceptable unless appropriate treatment plan provided by a company affiliated to either the Property Care Association Invasive Weed Group or the Invasive Non-Native Species Association (INNSA) in place. The treatment plan must be paid for in full prior to Metro Bank releasing funds and benefit from a 5 year warranty/insurance backed guarantee.
Accepted, subject to surveyor's comments, if in annex or in keeping with the property and let on one tenancy, otherwise not accepted.
Minimum 50 years unexpired term on lease at end of mortgage term, subject to valuers comments.
Grade I, II* and II (A, B and C in Scotland) accepted - subject to full valuation and surveyor’s comments.
Not accepted.
Mainland England, Wales and Scotland.
For Scotland we will not lend in the following postcodes:
Western Isles (HS)
Highlands (KW & ZE).
We currently do not accept transcripts.
Not accepted where there is an uncapped mineshaft that affects the property.
Accepted - subject to:
Planning and building regulation compliance.
An acceptable building standards warranty scheme being available.
Buildings insurance being obtainable under normal terms.
A minimum design life of 60 years as confirmed by a British accredited body (i.e. BRE, BOPAS).
Saleability confirmed by the surveyor.
Being situated in a suitable location as defined by the surveyor.
Property built/converted in last 12 months (based on completion certificate) and being occupied for the first time.
Maximum 75% LTV.
Maximum 75% LTV.
Builder Incentives accepted up to 5% of the purchase price. Builder incentive can include builders gifted deposit, white goods, carpets and curtains, cashback, legal fees and a contribution towards stamp duty.
Accepted subject to valuers comments.
Properties that have been built or converted in the last 10 years require suitable warranties/guarantees to be in place.
Acceptable Warranties:
ABC+, Advantage Warranties, Ark Latent Defects Insurance, Build Assure, Build Zone, Building Life Plan, Checkmate Castle, Compariqo, Global Home Warranties, Homeproof / Titan (formally Aedis Warranties), International Construction Warranties, LABC - New Home Warranty, NHBC, One Guarantee, Premier Guarantee, Protek, The Q Policy.
Not accepted - property has to be secure; structurally sound; insurable; have a working kitchen with running water, storage and ability to heat food; have a working bathroom with working lavatory, sink and ability to shower or bath and subject to surveyor's comments.
Not accepted.
Not accepted.
Not accepted.
Not accepted.
Not accepted.
Not accepted.
Not accepted. Or during pre-emption or right of refusal period.
Not accepted, unless completed and covered by a suitable structural new build warranty.
Land would need to have been owned for at least 6 months.
Not accepted.
Not accepted unless staircasing to 100% ownership.
Accepted, providing no lease agreement exists.
Accepted, subject to a structural report from a suitably qualified engineer (MICE, FICE, MIStructE, FIStructE) or a Chartered Building Surveyor (MRICS, FRICS) is required to confirm if it is of an acceptable standard for mortgage purposes and surveyor's comments on marketability and the suitability of the security for mortgage lending.
Not accepted.
Accepted, subject to surveyor’s comments.
Accepted, with durable outer leaf, subject to surveyor's comments on marketability and the suitability of the security for mortgage lending.
Properties which are all timber are not acceptable.
Properties underpinned in the last 10 years are not accepted unless covered by a 20 year guarantee.
All Directors must have been in resident in the UK for the last 3 years and must have permanent rights to reside in the UK or have EU Pre-settled / Settled Status.