Metro Bank
BankMetro Bank was the first new high street bank to launch in the UK in over 100 years, bringing a customer-first approach with extended opening hours and in-store service. It offers residential, buy-to-let, and commercial mortgage products with a focus on personal service and rapid decision-making.
About Metro Bank
Metro Bank launched in 2010 as the first new high street bank in the UK in over 100 years. Founded by American entrepreneur Vernon Hill, it brought a US-style retail banking model to Britain with stores open seven days a week, late evenings, and a focus on customer service. The bank gained its full banking licence in 2010 and has since grown to serve customers across London and the South East.
Metro Bank offers residential, buy-to-let, and commercial mortgages with a focus on personal service and rapid decision-making. The bank positions itself as an alternative to the traditional high street banks, with relationship managers and in-store mortgage advisers. Metro Bank serves both direct customers and works with selected mortgage brokers.
The bank has faced challenges including a 2019 accounting error that led to a capital raise, but has continued to serve mortgage customers. Metro Bank is regulated by the FCA and PRA and maintains a network of stores in London and surrounding areas.
Lending Focus
Metro Bank offers mortgage products across 3 categories including Residential, Buy-to-Let, Commercial.
Key Features
- Seven-days-a-week store opening for face-to-face mortgage advice
- Commercial and professional buy-to-let mortgage products
- Rapid underwriting with quick decision turnaround
- Manual underwriting approach for complex income scenarios
- No automated decline — all applications reviewed by an underwriter
Pros & Cons
Pros
- Stores open seven days a week with extended hours for face-to-face advice
- Manual underwriting means complex cases are individually assessed — no automated declines
- Commercial mortgages available alongside residential and buy-to-let
- Fast decision-making with rapid underwriting turnaround
Cons
- –Maximum LTV of 90% — no 95% LTV products available
- –Store network concentrated in London and the South East
- –Interest rates can be higher than larger high street competitors
Fees & Charges
- Arrangement Fee
- £999 or fee-free options on selected products
- Valuation Fee
- £300–£1,500 depending on property value
- Early Repayment Charge
- 1–5% during the initial deal period
- Overpayment Allowance
- Up to 10% per year without charge
Mortgage Rates
Rate data coming soon. View rates on Metro Bank
| Product | Initial Rate | Type | Initial Term | Revert Rate |
|---|---|---|---|---|
| 2 Year Fixed | TBC | Fixed | 24 months | TBC |
| 5 Year Fixed | TBC | Fixed | 60 months | TBC |
| Tracker | TBC | Variable | 24 months | TBC |
Application Process
- Processing Time
- 2–3 weeks from application to offer
- Online DIP
- Yes — available online
- Offer Valid For
- 6 months
Lending Criteria
- Maximum LTV
- 90%
- Max Loan Amount
- £5m
- Min Loan Amount
- £25k
- Rate Types
- fixed, tracker
Frequently Asked Questions
Are Metro Bank stores open on weekends?
Yes, Metro Bank stores are open seven days a week, including weekends and some bank holidays, with extended weekday hours. This makes them one of the most accessible banks for in-person mortgage advice.
Does Metro Bank manually underwrite mortgage applications?
Yes, Metro Bank uses manual underwriting, meaning every application is reviewed by a human underwriter rather than being auto-declined by a system. This is beneficial for borrowers with complex income or unusual circumstances.
Does Metro Bank offer commercial mortgages?
Yes, Metro Bank offers commercial mortgage products alongside its residential and buy-to-let range, which is relatively uncommon among challenger banks.
What areas does Metro Bank cover?
Metro Bank stores are primarily located in London and the South East of England, though their mortgage products are available nationally through direct and broker channels.
How to Apply
Direct & broker access. Apply directly or via a broker for whole-of-market access. Find a broker
Similar Lenders
View all lenders| Name | Niches | Type | Max LTV |
|---|---|---|---|
| Barclays | Residential, Buy-to-Let, Commercial | Bank | 95% |
| NatWest | Residential, Buy-to-Let, Commercial+2 | Bank | 95% |
| Aldermore | Residential, Buy-to-Let, Commercial+1 | Specialist | 85% |
| Handelsbanken | Residential, Commercial | Bank | 85% |
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