Metro Bank entered in to the world of UK financial services in 2010, when they became the first new High Street bank to be granted a licence in over 150 years. They initially only operated in a couple of locations in London, but have since spread their lending and banking options outwards from the capital, into the South-East of England.
Do Metro Bank offer mortgages for contractors?
Metro Bank are one of the latest lenders looking to accommodate the borrowing needs of contractors. One of the attractive features of their mortgage lending is their individual underwriting of applications. Their approach moves away from the software-based decisions often employed by some of the larger banks, which quite often disadvantage contractors.
How is Metro different to other lenders?
Their criteria differs to other lenders and is more flexible in some areas. Metro require no minimum contract value, unlike other contractor-friendly lenders who have a minimum annualised contract value of £75,000. They also only require 12 months contracting experience, but can consider less on an individual basis. One added benefit is that they accept most remuneration structures, including, limited, umbrella and payroll.
Among the products available are low deposit options for purchase of newly built apartments. This typically means 25% as a minimum with the majority of lenders.