New bank will 'sharpen commercial mortgages'

24 June 2010

Written by Jeni Browne

The introduction of the first new high street bank in more than 150 years in the UK will go a long way towards sharpening up the offerings by other lenders, it has been claimed.

Doug Taylor, head of economic advocacy at Which?, said the fact Metro Bank is set to enter the marketplace will help to shake up commercial mortgage lending, as there will be a new player offering the best commercial mortgage rates.

He commented: "This will sharpen up the other providers, while also no doubt bringing new things the other competitors don't offer. So we look forward to seeing how they position themselves."

Elsewhere, research from the Co-operative Financial Services recently showed that just 29 per cent of people are prepared to switch their current account, despite poor customer service and a lack of trust in banks.

However, the introduction of Metro may change this, as it has never been easier to switch banks and current accounts than it is now.

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