Maximum lending amounts for new build properties remain unchanged
Metro Bank has announced updates to its lending limits for residential mortgages, further enhancing its options available to borrowers.
Under the new structure, loans with a loan-to-value (LTV) ratio of up to 90% will now have a maximum amount of £1.25 million, while those up to 85% LTV can go up to £2 million.
These adjustments represent a substantial increase from the previous caps of £675,000 and £1 million, respectively.
The bank said the maximum lending amounts for new build properties would remain unchanged, with a cap of £1 million for loans at 85% LTV and £675,000 for those at 90% LTV.
Read more: Metro Bank expands joint borrower criteria
Charles Morley (pictured), director of mortgage distribution at Metro Bank, stated that with the move, the bank aims to accommodate the varied property acquisition paths of its customers.
“We understand that every person’s property journey is different, and we work hard to make sure our product range reflects that,” Morley said.
“Today’s changes will support those higher earning customers who are borrowing £1 million or more but may have a smaller deposit than many more mainstream products might allow. Ultimately providing greater flexibility and choice for the customer while also ensuring the health and vitality of the mortgage market.”
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