Metro Bank entered the world of UK financial services in 2010, when they became the first new High Street bank to be granted a license in over 150 years. They initially only operated in a couple of locations in London but have since spread their lending and banking options outwards from the capital, into the South-East of England.
Metro Bank are one of the latest lenders looking to accommodate the borrowing needs of contractors. One of the attractive features of their mortgage lending is their individual underwriting of applications. Their approach moves away from the software-based decisions often employed by some of the larger banks, which quite often disadvantage contractors.
Their criteria differs to other lenders and is more flexible in some areas. Metro require no minimum contract value, unlike other contractor-friendly lenders who have a minimum annualised contract value of £75,000. They also only require 12 months contracting experience but can consider less on an individual basis. One added benefit is that they accept most remuneration structures, including, limited, umbrella and payroll.