Metro Bank mortgages

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 Metro Bank Mortgages 

If you’re considering homeownership or looking to change your existing mortgage, Metro Bank offers a variety of mortgage options tailored to your needs. One critical decision you’ll face is choosing between different repayment types, and Metro Bank provides the flexibility to align with your financial strategy.

Metro Bank Fixed-Rate Mortgages for Stability

Metro Bank’s fixed-rate mortgages provide stability by offering an interest rate that remains constant for a predetermined period. This means your monthly payments stay consistent during this time, offering predictability in your budgeting.

Metro Bank Mortgage Components:

Capital and Interest

A mortgage consists of two main components: capital and interest. Capital is the amount you borrow, while interest is the charge imposed by the lender on the borrowed amount.

  • Repayment Mortgage: The most common type, where you repay both the capital and interest monthly. By the end of the term (typically 25 years), your mortgage is fully paid.
  • Interest-Only Mortgage: Initially, you only pay the interest monthly. However, the entire capital becomes due at the end of the term. Planning for this involves strategies like regular contributions to savings, investments, or even pension payouts.
  • Part Repayment and Part Interest-Only: A hybrid option, combining elements of both repayment and interest-only mortgages. At the term’s end, part of the capital is repaid, requiring a plan for the remaining balance.

Eligibility Criteria for Residential Mortgages

To apply for a residential mortgage with Metro Bank, you need to meet some basic eligibility criteria:

  • Be 18 years or older.
  • Buying property in England, Wales, or selected postcodes in Scotland.
  • Have a stable income.

Wide Mortgage Range for Various Needs

Metro Bank offers a practical and flexible mortgage range, including:

  • Loans up to 90% of your purchase price or property value.
  • Consideration for interest-only mortgages up to 75% of your purchase price or property value.
  • Re-mortgage packages with options for free standard valuation and either Legal Assist or cashback.
  • Consideration for large loans, up to £10 million, based on arrangement.

A Seamless Process with a Single Point of Contact

MortgageTek ensures a smooth experience throughout the mortgage process by assigning you a single point of contact with Metro Bank. Their underwriters consider your unique  financial circumstances, enabling a sensible approach for individuals such as the self-employed or contractors.

Covering Your Re-Mortgage Fees

Metro Bank goes the extra mile by covering most or all of the legal and valuation fees associated with your re-mortgage. This includes the cost of valuation and assistance with legal fees, making the process more affordable for you.

Legal Assistance for a Hassle-Free Process

Metro Bank offers legal assistance by appointing a reliable solicitor from their panel. This professional manages the legal process, with Metro Bank handling their fees. While the bank covers a range of fees, there are exceptions, such as unusual search fees, change of name on title, transfer of equity, and first registration of title.

Special Offerings: Free Valuation and Unencumbered Properties

For remortgage-only products, Metro Bank provides a free basic valuation for properties up to £2 million. Additionally, mortgage offers are available for unencumbered properties with a minimum loan size of £150,000 and a maximum property value of £2 million.

Metro Bank’s mortgage options are designed to cater to a diverse range of needs, providing flexibility, stability, and financial support throughout the homeownership journey. Whether you’re a first-time buyer or considering refinancing, Metro Bank’s commitment to personalized service and comprehensive offerings makes it a reliable choice in the mortgage market.

Contact MortgageTek for the latest offers and special assistance with Metro Bank Contractor Mortgages