Metro Bank has enhanced its maximum loan sizes for residential properties.
Metro Bank noted in a blog post that the changes mean that loans up to 90% LTV will have “a maximum loan amount of £1.25m, and loans up to 85% LTV will have a maximum loan amount of £2m. Increasing from £675k and £1m respectively.”
Charles Morley, Director of Mortgage Distribution at Metro Bank comments:
“We understand that every person’s property journey is different and we work hard to make sure our product range reflects that. Today’s changes will support those higher earning customers who are borrowing £1m 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.”
The changes in detail:
- Maximum loan for loans up to 90% LTV increased from £675k to £1.125m
- Maximum loan for loans up to 85% LTV increased from £1m to £2m
- Maximum loans for new build properties will stay at £1m at 85% LTV and £675,000 at 90% LTV.
As covered earlier this year, Fill/ Refill, a Northamptonshire family-run manufacturer has received over £600k of financing from Metro Bank in order to “help it achieve its aspirations to be the most responsible closed-loop maker and supplier in the UK.”
The independent business formulates, designs and “creates a range of eco-friendly body, hair, laundry & household cleaning products in returnable and refillable screen-printed glass bottles and bulk containers.”
They supply an impressive network of independent zero waste and refill stores “around the UK and their products can also be found on rinse and return via the popular Milk & More platform. All Fill/Refill products are registered with the Vegan Trademark and Cruelty Free approved by Leaping Bunny. It is also a certified B corporation and members of 1% For The Planet, donating 1% of turnover to environmental causes.”
The deal with Metro Bank is “made up of a £600k invoice finance facility, a 50k overdraft and business credit cards.”
Phillip Kalli, Founder at Fill/Refill commented:
“When we were looking for a bank, it was really important for us to find a team of people who could not only help us out with everything we might need as a business customer but also shared our commitment to the environment. We’re a manufacturer with a pretty unusual model and we wanted the option of invoice financing, alongside regular business banking facilities. Metro Bank were able to support all our idiosyncratic requests. Most of all, we were looking for people that believed in what we are doing, with people who listened to our story and got as excited about what we do as we are.”