Metro Bank mortgage customer ratings
The table below shows how Metro Bank performed in our latest mortgage satisfaction survey, from application process to value for money.
|Customer rating for:||Star rating|
|Value for money|| |
|Keeping you well informed||-|
|Clarity of statements|| |
|Transparency of charges|| |
|Query and complaint handling-||-|
|Ability to overpay or underpay mortgage|| |
Star ratings based on a June 2019 Which? survey of 3,574 members of the general public, in which 36 people told us they had their mortgage with Metro Bank. Where no rating is given the sample size was too small.
What kinds of mortgages does Metro Bank offer?
Does Metro Bank offer interest-only mortgages?
Yes, Metro Bank offers interest-only mortgages.
The most you can borrow is 75% of a property’s value, and you’ll need to have a minimum income of £50,000 for your application to be considered.
Does Metro Bank offer the best mortgage deals?
Which? analysis found that Metro Bank offered fewer cheap mortgages than the average lender.
In order to work this out, our experts analysed thousands of mortgages over a four-week period in August 2019. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.
The average number of times a lender made it into a table was 15, while Metro Bank featured 12 times. (Data source: Moneyfacts.)
Interest rates on Metro Bank mortgages
The average interest rate of a two-year fixed deal from Metro Bank was 2.39% - compared to the industry average of 2.77%.
How much could I borrow from Metro Bank?
We’ve outlined below how much you could borrow from Metro Bank, in relation to the percentage of the property’s value.
|Maximum loan amount||Maximum loan-to-value|
For new-build properties, the most you could borrow is 85% of the value with a Metro Bank mortgage.
As well as how much the property is worth, the amount you can borrow will also depend on your income.
You could borrow up to 4.49 times your income with Metro Bank. Or if you’re a solicitor, barrister, doctor, accountant, actuary, vet or dentist the bank could lend 5.5 times your income.
Can I make overpayments?
If you have a Metro Bank mortgage on a residential property, you can overpay by 20% a year. Buy-to-let mortgage customers can overpay by up to 10%.
Overpayments must be at least £500. If you go over your overpayment allowance for the year, you’ll have to pay an early repayment charge.
How can I contact Metro Bank?
New mortgage customers can call 0203 427 1435.
Existing mortgage customers can call 0345 319 1200.
Its website is metrobankonline.co.uk.
Metro Bank mortgage eligibility
Joint borrower sole proprietor mortgages
JBSPS mortgages allow you to take out a joint mortgage with another person - for example, a parent - while only having yourself named on the property deeds.
This means you can potentially borrow more money but your parent avoids having to pay the second home stamp duty surcharge.
- Find out more: our mortgage calculator can show how much you could borrow if you're applying for a mortgage with someone else.
Although the oldest you can be when you finish repaying a Metro Bank mortgage is usually 80 years old, the lender will also consider borrowers who will be over 80.
Renting out your property on Airbnb is usually not allowed if you have a residential mortgage. But Metro Bank mortgage customers can let their property out with Airbnb for up to 90 days each year.