It changes its policy and document requirements to make it easier for customers to apply for a mortgage
In a move aimed at streamlining the mortgage application process, Metro Bank has announced simplified policy and document requirements for both its buy-to-Let and residential mortgages.
These changes, the lender said, not only make it easier for customers to apply for a mortgage, but also have the potential to broaden eligibility for Metro Bank mortgages among both employed and self-employed individuals.
For self-employed applicants, Metro Bank has introduced the use of an Accountant’s Certificate for cases under £1 million. Additionally, the minimum time required for trading has been reduced to two years, with two years figures needed to support the application.
In the case of employed individuals, the lender has eliminated the minimum time required in the current role, and applicants need only provide one payslip from their current position and another from their previous role. Furthermore, the minimum time in employment has been reduced to six months for both primary and secondary jobs.
“Purchasing a property is often a stressful process,” commented Charles Morley, director of mortgage distribution at Metro Bank. “We hope that these changes will go a little way towards easing that strain and ensuring that paperwork doesn’t get in the way of someone taking their first or next step on the property ladder.”
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