Metro Bank has expanded the criteria of its 95% loan-to-value mortgages and made changes to its products aimed at professionals.
The challenger bank has extended its 95% LTV range beyond purchase only to now include re-mortgages “as a result of major ongoing demand”.
The firm launched 95% LTV mortgages in April, and released a near-prime residential product range in March, in a bid to attract “borrowers who may have been finding it difficult to get a mortgage elsewhere”.
The lender has also boosted the income multiple available for qualified professionals to 5.5 times annual earnings, subject to an affordability assessment.
Previously the lender had offered this for fully qualified, registered and practising solicitors, barristers, medical doctors, accountants, actuaries, vets and dentists. It will now accept surveyors, engineers and architects.
Also, the professional range is now open to all single applicants with an earned income of £100,000 or more, and all joint applicants with a combined earned income of £150,000 or more.
The mortgages are available on a capital and interest, part and part or interest-only repayment basis at rates from 2.89%, with a £999 fee and a maximum loan size of £2million.
The Bank will also accept professional customers looking to re-mortgage, which did not previously apply.
Metro Bank director of mortgage distribution Charles Morley says: “We’ve been making a number of big product and service enhancements in the last six months, as we aim to appeal to a wider breadth of mortgage customer and deliver on our promise to become the UK’s best specialist lender.”
