Metro Bank Contractor Mortgages

Metro Bank is your accommodating lender, offering tailored mortgage solutions for contractors of all kinds. Whether you’re a day-rate contractor, an hourly-rate contractor, or working through limited companies or payroll umbrellas, Metro Bank welcomes and considers your application.

Competitive Terms and Inclusivity

Metro Bank provides competitive terms, allowing professionals to borrow up to 5.5 times their income. What sets us apart is our inclusivity – we even offer mortgage loans to individuals aged 80 or above.

Simplified Application Process

At Metro Bank, we understand that finding a mortgage as a contractor can be challenging. That’s why we’ve directly negotiated with the lender to accept applications from self-employed contractors. We aim to make the application process less stressful and time-consuming.

Contractor Policy Highlights

Metro Bank’s contractor policy for day-rate contractors includes several key aspects:

There is no minimum contract value requirement.
Metro Bank does not discriminate based on profession or occupation.
If you’ve had long periods of non-employment within the past year, it may be wise to explore alternative contractor-friendly lenders.
Current contracts must have lasted at least three months or have an end date within three months, or be active for at least this amount of time if there is no end date set in stone.

Loan Terms and Calculations

Metro Bank provides loans with maximum LTV ratios of 85%, requiring only a 15% deposit. Here’s how we calculate the gross contract value:

For day-rate contractors:

£150 per day multiplied by five days over 46 weeks = £34,500 gross contract value.

If your hourly rate is £25:

£25 per hour multiplied by (specified hours or default of 37.5 hours) multiplied by 46 weeks = £43,125 gross contract value.

Required Documentation

To assist us in processing your application, please provide the following documents:

Identification such as a Passport or DVLA License.
Proof of Address documents such as utility or council tax bills.
Current contract with signed and dated Terms and Conditions.
Previous contract history from the past 12 months as evidence of continuity.
Proof of mortgage payment or rental payment such as a mortgage statement or rent receipts.
Metro Bank Signed Declaration “Getting to know You” form.
An up-to-date CV highlighting your impressive work experience.
Personal and business bank statements for the last three months.
If you are purchasing property, proof of deposit or gifted deposit letter are both needed for registration and closing. Our team can provide the appropriate templates to create these letters.

Gathering all the required information upfront makes our job simpler, ensuring we present your application to the Metro Bank contractor mortgages underwriter in an orderly and concise manner, leading to a prompt and positive decision from him/her.

Contact Information

If you have any questions or need assistance throughout your mortgage journey, our friendly team is here to help. We believe in transparent communication and do not charge for conversation.

Phone: 020 3827 8558

Address: 31, Metro Centre, Dwight Rd, Northwood, Watford WD18 9SB

Company: Contractor Mortgage Solutions