Metro Bank expands into Scottish mortgage lending

Metro Bank expands into Scottish mortgage lending

Metro Bank will expand its mortgage business into Scotland from next month.

The challenger bank will offer its full range from 5 April both direct - through its mortgage helpline - and through brokers.

Scottish buyers will be able to access the same range and rates as those in England and Wales as well as its switching service.

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Craig Donaldson, chief executive of Metro Bank, said: "Since we launched our mortgage business back in 2011, we have had great success supporting borrowers and brokers across both England and Wales.

"Our wide range of products, alongside a case-by-case approach to underwriting and unrivaled levels of service has proved to be a winning formula and set us apart from other lenders.

"With our research showing that over half of Scots would consider switching to another lender, I'm excited about entering the Scottish market."

Metro Bank has appointed Neil McLeod as its business development manager for Scotland, hiring him from Halifax earlier this year.

The bank's research - based on responses from 2,007 adults - found only one in five people in Scotland believe lenders are doing enough to help people get on the housing ladder.

Meanwhile, when looking to buy a home, only 18 per cent of Scots would stick with their current bank and 56 per cent would shop around.

Last month Metro Bank reported record lending growth of £3.8bn - up 64 per cent.

Over the course of 2017 Metro Bank lent £6.2bn in mortgage loans - up from £3.6bn for the previous year.

According to UK Finance, Metro Bank was the sixteenth biggest lender in the UK, by value of gross lending, for 2016 and the bank itself expects to break into the top 10 in the "next few years".