Metro Bank streamlines mortgage application processes

December 28, 2023 by Alan

Mortgage Advisors

Metro Bank has streamlined its processes for mortgage applications, as the document and policy demands for both buy-to-let and residential loans are made simpler.

Those applying for a mortgage of either type with the lender will now find it easier to obtain and supply the information required. The company is also stating that the changes will potentially mean greater numbers of both self-employed and employed people will be able to go for a mortgage from Metro Bank.

When it comes to those who are self-employed, the minimum trading period necessary to be eligible for a mortgage from the lender has been cut to two years. An Accountant’s Certificate has also now been added by Metro that self-employed people applying for loans of less than one £1 million can use.

People who are employed will not have to meet any minimum time period criteria before applying now. All the documentation that they will be asked to provide as evidence of their income is a single pay slip from both their existing employer and former one. They also now only have to have been consistently working for a period of six months.

Charles Morley from Metro Bank said to Financial Reporter that:

“Purchasing a property is often a stressful process. 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.”

This will make the completion of mortgage applications much easier for advisors with CeMAP training too.