November 18th, 2014
Contractor Mortgages Made Easy (CMME) are delighted to announce that Metro Bank are the latest bank to join the ranks of contractor-friendly lenders. They become the latest of a clutch of smaller banks and building societies looking to accommodate the borrowing needs of contractors.
Metro Bank made a sensational entrance into the world of UK financial services in 2010, when they became the first new High Street bank to be granted a licence in 150 years. Although they initially only operated in a couple of London locations, they have recently spread their banking and lending options outwards from the capital into the South-East of England.
Taj Kang, Business Development Director at CMME, welcomed the latest entrant into the contractor mortgage space.
‘We are delighted to introduce yet another flexible and innovative lending option to UK contractors. Metro Bank have certainly shaken up the traditional High Street banking giants in the UK since their entrance in 2010.
‘One of the features of mortgage lending by Metro Bank has been individual underwriting of applications, rather than software-based decisions that some of the larger banks employ which quite often disadvantage contractors. We look forward to working with Metro Bank for many years to come.’
Features of Metro Bank’s contractor lending criteria include the following, subject to individual underwriting:-
- Contract rate can be annualised over 46 weeks to define income
- Typically only require 12 months contracting experience (but can consider less on an individual basis)
- No minimum contract value required (unlike other contractor-friendly lenders who have a minimum annualised contract value of £75,000)
- Most remuneration structures accepted (e.g. umbrella / payroll companies, limited companies, etc)
- Low deposit options available for purchase of newly built apartments (typically 25% as a minimum with most lenders)
Article By: Sarah Middleton, Marketing Executive at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager
Tel: 01489 555 080