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.

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.

Commenting on the loan enhancements Metro Bank director of mortgage distribution Charles Morley, said:

“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.”