How the residential mortgage process works

Whether you’ve chosen a property yet or not, you can get started by coming into a store or giving us a call. We’ll let you know how much you may be able to borrow and can even get started on an Agreement in Principle (AIP). 

An AIP lets you know how much we can lend you. To calculate this, we’ll need to know your income and some details about your monthly expenses. Once we know this, we can perform a few checks and tell you how much we can lend you – subject to a full assessment of your circumstances. 

At this point, we’ll also talk through your needs and circumstances and recommend the best Metro Bank mortgage product for your situation. 

We start the full mortgage application after you've found your dream home, or if you're remortgaging, the mortgage you want to switch to. This involves collecting and reviewing a few more details, including who your solicitor is, and making sure we have all the supporting documents we need. 

After our underwriting team have reviewed the paperwork, we’ll send a valuer to the home. And if all is well with the valuation, we’ll send you a formal mortgage offer document. We send a copy to your solicitor as well. 

With the mortgage offer in hand, your solicitor will make sure all appropriate searches are carried out. They'll then tell you when you need to pay your deposit. 

The process is a little different if you are remortgaging your current home. In that case, your solicitor’s work will involve liaising with your current lender to move your mortgage to Metro Bank. 

Once your solicitor is happy to press the button, we’ll release the money to them. They will take care of the rest. We'll send you a completion statement confirming the amount and due date of your first monthly mortgage payment.