Metro Bank has expanded its product range further and launched a near prime residential range for customers with a less than perfect credit profile or a low credit score, offering greater flexibility for those that may be struggling to get a mortgage elsewhere.
Near prime highlights
- Lower credit score requirement
- Loans available from £50,000 – £500,000 for purchase and re mortgage
- Maximum LTV of 80%
- 2 & 5 fixed rates starting from 3.79%
- Capital and interest repayment only
- Capital raising, including debt consolidation accepted – new Debt Consolidation Form required for debt consolidation applications
- Joint borrower, sole proprietor – only where the additional borrower(s) is a close family relative
- Maximum age 80 (mortgage term based on the oldest applicant)
- Up to 4 applicants on the mortgage can be considered
So what do we accept?
CCJs
- Satisfied
- Unsatisfied
Accept
- If total value <£1000 in the last 3 years
- If total value <£500
Defaults
- Satisfied
- Unsatisfied
Accept criteria
- If total value <£1000 in the last 3 years
- If total value <£1000
Arrears
- Secured
- Unsecured
- Mortgage
- Other
Accept criteria
- Up to 2 months arrears in last 24 months
Bankruptcy
Accept criteria
- Must be discharged & >3 years must have passed since bankruptcy order
IVAs
- Satisfied
Accept criteria
- Any satisfied IVA
All cases are subject to full assessment and a credit score pass. For full details on the points above and our full near prime lending criteria, please visit our Feature of the Week or refer to our Lending Criteria Guide and Product Guides.
All cases are subject to full assessment and a credit score pass. For full details on the points above and our full near prime lending criteria, please visit our Feature of the Week or refer to our Lending Criteria Guide and Product Guides.
Got a case to discuss?
Get in touch with your local BDM; they would love to hear from you.
Find your nearest BDM Or call our Broker helpdesk on 020 3427 1019.
