Metro Bank Mortgages

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Last updated on 22 March 2021.

Metro Bank Mortgages FAQ

Who is Metro Bank?

Metro Bank is a retail and commercial bank, established in 2010 by Anthony Thomson and Vernon Hill. It was the first new high street bank to launch in the UK for over 150 years.

Today Metro Bank provide customers with a range of products including banking, savings accounts, personal loans and mortgages.

What types of mortgage do Metro Bank offer?

Metro Bank offer both residential and buy-to-let mortgages to their customers.

Residential mortgages are for those looking to purchase their first property, move home or remortgage for a better deal.

Buy-to-let mortgages are designed for landlords looking to let out their property to tenants. The lender offers a range of different products within these two key groups, designed to cater to specific niches.

How can I apply for a mortgage with Metro Bank?

You can either apply for a mortgage with one of Metro Bank’s mortgage consultants in your local branch or contact them by phone. If it is more convenient for you to combine both phone calls and face-to-face meetings whilst applying, Metro Bank can accommodate this.

You might also want to speak to a mortgage broker who can guide you through the application process.

What is the difference between fixed-rate and tracker mortgages?

Metro Bank offer a range of options to suit you and your financial situation. All of their products are either fixed-rate or tracker mortgages.

Fixed rate means that the interest rate on your mortgage is fixed for a certain period. It also means that your monthly repayments will be a fixed amount. This could be beneficial for budgeting long-term.

Tracker mortgages entail a type of variable rate that tracks the movement of another rate, most commonly the Bank of England’s base rate. The interest rate and monthly repayments are not fixed, so they could increase or decrease on a monthly basis.

Do Metro Bank offer interest-only repayment plans?

Yes. Metro Bank offer a variety of repayment plans including repayment mortgages, interest-only mortgages, part-repayment mortgages and part-interest-only mortgages.

When taking out an interest-only mortgage, you are required to pay back only on the interest accrued by the mortgage on a monthly basis. However, at the end of the term you are required to pay back all the money you borrowed from the lender in one lump sum.

If you are looking to take out this type of mortgage, you need to let the lender know the source of the money for the final payment, be it savings, investments or a pension.

Can I make early repayments on a Metro Bank mortgage?

It really depends on your individual circumstances and agreement. Some banks and lenders will allow you to overpay on your mortgage repayments to a certain limit each year. Beyond this limit you will be issued with Early Repayment Charges (ERCs).

If the flexibility to change your repayment plan like this is important to you, make sure you check the terms of a potential Metro Bank mortgage before you commit to signing.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE