Metro Bank has made criteria changes that simplify the document required for buy-to-let and residential mortgage applications.
The specialist bank says the move will “potentially widen the number of employed and self-employed” borrowers who are eligible for its home loans.
Its changes cover:
Self-employed
- Introduction of accountant’s certificate for cases under £1m
- Minimum time trading reduced to two years — two years figures needed
Employed
- No minimum time required in current role –one payslip needed from current role and one from the previous role
- Minimum time in employment reduced to six months for both primary and secondary jobs
Metro Bank director of mortgage distribution Charles Morley says: “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.”
Last month, Metro Bank outlined plans to cut around 20% of its 4,250 staff as it reviews seven-day opening hours and implements £50m of cost savings.
The move followed reports earlier in November that the embattled lender has entered exclusive talks with Barclays to sell the larger bank a £3bn mortgage portfolio.
