Metro Bank mortgage lender review
The UK’s newest high street bank
UK's 13th largest lender
Metro Bank lent over £4bn in 2018. That's almost 2% of all mortgage lending.
21-day submission time
That's 5 days slower than the average across the 25 lenders we've compared.
Borrow 5.5x your income
You could borrow up to this amount if you meet the lender's requirements.
About Metro Bank
When it was founded in 2010, Metro Bank was the first new UK high street bank to open in over 100 years. Its branches are open seven days a week, and the company came Highly Commended in the Most Trusted Financial Provider category of the Moneywise Customer Service Awards 2018.
This lender offers a number of residential and buy-to-let mortgage deal options.Metro Bank mortgages are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.
We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed and affordability.
In this review we’ll cover:
All information on this page was up to date as of August 2019.
Is Metro Bank a good mortgage lender?
There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.
We looked at Metro Bank’s customer complaints record between July and December 2018.(1) During this period, the Financial Conduct Authority (FCA) received 91 officially upheld complaints. That’s around 0.1% of customers, which is lower than the 0.4% average across the major lenders.
How long does a Metro Bank application take?
During the last six months, the average speed that Metro Bank processed a Trussle customer’s successful mortgage application was 21 days. That’s slower than the 16-day average across all the lenders we’ve submitted applications to.
Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of the application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.
How much could I afford to borrow from Metro Bank?
The amount you can borrow for a mortgage can vary. Metro Bank usually offers 4.49 times your income before tax but can offer up to 5.5 times your income for professional mortgages (subject to affordability).
You’ll find Metro Bank’s mortgage calculator on their website – this will give you an estimate of how much you may be able to borrow.
Frequently Asked Questions (FAQs)
What types of mortgages do Metro Bank offer?
You can choose from a selection of residential and buy-to-let Metro Bank mortgages.
Metro Bank residential mortgages
Residential mortgages for both new and existing customers are available, including two, three and five-year fixed-rate mortgage deals and two and five-year tracker rate mortgages
Metro Bank buy-to-let mortgages
Where can I find Metro Bank mortgages for intermediaries?
FCA authorised intermediaries can visit metrobankonline.co.uk/intermediaries to browse the lender’s mortgage options, check lending criteria and sign in to the intermediaries portal.
Where is the Metro Bank mortgage application form located?
The Metro Bank mortgage application from can be found on the lender’s website.
Where can I find Metro Bank mortgage reviews?
You can find reviews of Metro Bank’s mortgages on a range of consumer review sites and forums, including TrustPilot and Moneysavingexpert.com.
Can I view and manage my Metro Bank mortgage online?
Yes, all customers are granted access to an online mortgage portal. To sign in you’ll need your surname, account number, date of birth and postcode.
How much can you overpay on a Metro Bank mortgage?
If you’re one of Metro Bank’s residential customers you can make overpayments of up to 20% a year, and if you’ve got a buy-to-let mortgage you can overpay by 10% a year. The amount you can overpay depends on the amount you borrowed and what your mortgage balance is every time you switch to a new rate.
You’ll find details of how much you can overpay in your Metro Bank Mortgage Offer.
What will happen when my Metro Bank mortgage deal ends?
Five months before your product is due to end, Metro bank will send a notification letter. Three months before the expiry date you’ll receive another letter providing you with details of how you can switch to a new deal with them using Metro Bank’s online portal or through a consultant.
If you choose not to move to a new product your mortgage will revert a standard variable rate mortgage – you’ll receive a letter with details of your new payment.
Can I switch my mortgage product?
If you want to switch to a new product, you can view the options available to you on Metro Bank’s online mortgage portal. If you’d rather speak to someone, you can call them and speak to an adviser.
What insurance do Metro Bank require me to have?
In order to help safeguard the lender’s investment in your home, they’ll always require you to take out buildings insurance on the property.
Contents insurance isn’t compulsory but is highly recommended.
How do I contact Metro Bank?
Metro Bank’s phone lines are open 24/7 and you can reach them on 0345 08 08 500. If you’d like to speak with someone face-to-face, you can visit your local branch from 8am to 8pm Monday to Friday, 8am to 6pm on a Saturday and 11am to 5pm on Sundays and Bank Holidays.
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Your home could be repossessed if you don't keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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