Metro creates mortgages to help meet lending targets

The director of mortgages for Metro said the new products reinforce the bank’s growing commitment to borrowers, revealing that lending had quadrupled in the past year.

The products are all available at 85 per cent loan-to-value. They are two fixed-rate products of two and five years at 3.39 per cent and 4.09 per cent respectively, as well as a two-year tracker mortgage at 3.39 per cent.

A bank spokesman said that it would aim to double mortgage lending this year after it unveiled its quarter four financial statement to the end of 2013 last week.

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The bank’s total assets grew 145 per cent to £1.89bn, though it incurred losses after tax of £10.8m.

Mr Saulet said: “After a year of huge growth in our residential mortgage lending, the new products, combined with our ability to underwrite on a case-by-case basis, will ensure that we can continue to provide the best in service and convenience to our customers and broker partners.”

Adviser view

Gerry Weir, director of Edinburgh-based Cornerstone Mortgages, said: “These deals are not bad by any means and come up top quartile in my search, but they would not really make the grade. It all depends on fees.”