Metro Bank, the revolution in British banking, has revealed that existing residential mortgage customers will benefit from fee-free products when completing either a residential rate switch or further advance on loans up to £2 million.
The bank, which previously offered existing residential mortgage customers half price fees when transferring to a new product, has scrapped fees altogether in a move that has come as a result of direct feedback from its intermediary partners.
Charles Morley, Director of Mortgage Distribution at Metro Bank commented: “We want a relationship for the long-term with both our customers and broker partners, not just a short-term fling. That’s why we’ve abolished fees for existing residential mortgage customers. What’s more, not only can customers choose to switch up to three months early without incurring an early repayment charge, but with our mortgage switching portal it only takes a matter of minutes to change products, whether you’re a broker or a customer.”
The bank does not incentivise new customers at the expense of its existing customers and offers the same rates to all borrowers. Metro Bank is committed to offering the best in service and convenience to its customers. The bank underwrites mortgage applications on an individual basis to ensure that customers’ personal circumstances are taken into account.
Brokers have the ability to submit applications through the bank’s online mortgage portal that pays procuration fees and customers benefit from a single, dedicated underwriter. Metro Bank does not sell bank assurance or insurance, allowing it to focus entirely on fulfilling customers’ mortgage needs.