Feature of the Week

From Setbacks to Success: A Less Than Perfect Credit Profile

Did you know that Metro Bank are able to offer greater flexibility for those that maybe struggling to get a mortgage elsewhere?

Meet Jane

Jane was looking to re-mortgage her current home and raise some funds for home improvement. She had a low LTV and a good overall credit profile but had an unsettled CCJ for a parking fine that she was not aware of and missed a payment on her mortgage six months ago.

And how we can help…

By applying our common-sense approach, Jane was able to remortgage her current home & capital raise for her dream kitchen even with her less than perfect credit profile.

Criteria highlights

• Satisfied CCJ’s or Defaults
  • £1,000 total value across any number of CCJs or Defaults satisfied within last 36 months.
  • Unlimited total value across any number of CCJs or Defaults satisfied over 36 months ago.
• Unsatisfied CCJ’s or Defaults:
  • £500 total value across any number of CCJs or Defaults.
  • An increased £1,000 total value across any number of Defaults applies on the Near Prime Range Only.
  • No requirement to satisfy prior to application.
• Unsecured/Secured/Mortgage Arrears:
  • Up to a maximum status of 2 in the last 24 months, no cumulative limit across all accounts.
  • Arrears on communication and utilities are ignored on Near Prime Range Only.
• Capital Raising:
  • Capital raising, including debt consolidation with no debt-to-income ratio limit, accepted.

Getting it right first time

At Metro Bank, we understand the importance of “getting it right first time” to ensure the applications you submit are turned around quickly.

We have highlighted below some “top tips” to support you and your customer -

1. ID&V and Certification

Depending on your customers personal circumstances, you will be asked to provide different types of information to verify their name and address at different stages of the application.

Please ensure these are correctly certified and all documents requested are uploaded as missing documents or certification errors could lead to delays.

Identification and certification requirements for a Mortgage Application

2. Lending Criteria

All lenders are different so it’s important to understand our Mortgage Lending Criteria before you submit an application – don’t forget to also call your friendly BDM to talk through the details.

3. Packaging Checklist & Uploading Documents

Before you submit your application, please ensure you complete the pre-submission checklist items. Please see our helpful Packaging Checklist.

Please label documents correctly and upload all checklist items at the same time as you submit the application so our underwriters can see clearly what documents have been provided and fully assess the application.

4. Contacting Underwriting

If you have further information you would like to provide to support the application, you can use the ‘Add a note’ facility. This can be found in the bottom right hand corner of the portal homepage.