Compare Mortgage Rates from Metro Bank Against the Market

Who are Metro Bank?

Launched in 2010, Metro Bank was the first new high-street bank to open in the UK in over 150 years. Their entire model is built around convenience and the customer experience, with long opening hours and in-store advisers ready to help.

In the mortgage world, they are known for their manual underwriting approach. This means that while they have standard criteria, every application is reviewed by a person who can take a holistic view of your circumstances. This is particularly useful for applicants who don't fit the rigid automated criteria of the bigger banks.

What are they known for?

Metro Bank has carved out a strong reputation for being more flexible than traditional lenders, particularly in certain niches.

Flexible and Human Underwriting

This is their key strength. They are an excellent choice for borrowers with good incomes that are slightly complex:

• Self-Employed: They are known for their positive approach to the self-employed, including company directors and sole traders, often requiring just one year's accounts.

• Contractors: They have specific criteria for professional contractors, often assessing income based on their day rate.

• Large Loans: They have a strong appetite for larger mortgages, often for amounts over £1 million, with a dedicated team to handle high-net-worth clients.

• Older Borrowers: They can be more flexible on maximum age limits than many other lenders.

In-Store Service

You can walk into a Metro Bank "store" without an appointment and speak to a mortgage adviser, even on a Sunday. This level of accessibility is unique in the UK banking market and is a major selling point for those who prefer face-to-face interaction.

However, keep in mind that their in-house advisers can only recommend Metro’s own products and services. Speaking to a whole-of-market mortgage broker is a better alternative as they can compare Metro’s offerings against the entire market for you.

Pros and Cons of a Metro Bank Mortgage

Pros:

• Excellent for Complex Income: A go-to lender for self-employed people, contractors, and those with multiple income streams.

• Personal Service: You can speak directly to mortgage advisers in-store, seven days a week.

• Manual Underwriting: A human reviews your case, allowing for common-sense lending decisions.

• Fast Turnaround Times: They have a reputation for processing applications quickly.

Cons:

• Limited Branch Network: Their physical "stores" are heavily concentrated in London and the South East of England.

• Rates Can Be Higher: Their interest rates are competitive but may not always be the absolute cheapest on the market, as you are paying for a premium service and more flexible criteria.

• Not for Adverse Credit: While flexible on income, they are still a mainstream bank and are not a suitable lender for those with significant recent credit problems.

How to apply

Metro Bank offers two main routes to get a mortgage:

1. Directly: You can apply yourself by booking an appointment with a mortgage adviser in one of their stores.

2. Through a Mortgage Broker (recommended): You can also use an independent mortgage adviser who can access their products and manage the application for you.

Get started here to take advantage of a free, no-obligation chat with a broker who specialises in Metro Bank's product range and get your application off to the strongest possible start.