Metro Bank to venture into broker market
Metro Bank has confirmed its plans to offer mortgages via brokers with a pilot programme poised to launch with John Charcol for borrowers in London and the South East.
The high street lender, which has 12 stores after opening its doors in July 2010, does intend to extend its lending further in the next few months and is in discussion with several other brokers.
It plans to offer the same products via intermediaries as it currently does directly. For properties under £1m there are two products available; a two-year 60 per cent loan-to-value (LTV) tracker mortgage at a rate of 3.09 per cent and a two-year 70—80 per cent LTV fixed rate at 3.65 per cent. Both products come with a £999 flat fee.
For properties valued at over £1m, it will offer a range of products at 70 per cent LTV with rates starting from 3.39 per cent and a product fee of 1 per cent.
Paul Marriott-Clarke is the Commercial Director at Metro Bank. He expresses the banks aim to establish a long term intermediary business strategy:
“By partnering with a small number of intermediary partners, we ensure that we are able to give a consistently high level of service to all. Metro Bank offers common sense banking with the personal touch and our individual underwriting service means that we will consider cases which would typically fail the automated credit scorecard.”