Metro Bank has announced that it will expand its mortgage business into Scotland, both direct and via brokers, while Nationwide are prepared to extend new build mortgage offers and Fleet Mortgages updates its lending criteria
Metro Bank has announced that from the 5th of April it will expand its mortgage business into Scotland, both direct and via brokers.
Overseeing the Scottish market will be Neil McLeod, Business Development Manager for Scotland. Before joining Metro Bank in January, McLeod spent over three years as a BDM at Halifax. He began his career at Bank of Scotland in the retail and mortgage sectors.
Research commissioned by Metro Bank into the Scottish mortgage market has found that among Scottish respondents, only one in five (21%) believe lenders are doing enough to help people get on the housing ladder.
The research also found that, when looking to buy a home, only 18% of Scots would stick with their current bank, while over half (56%) would shop around.
Craig Donaldson, CEO at Metro Bank, said:
“Since we launched our mortgage business back in 2011, we have had great success supporting borrowers and brokers across England and Wales. Our wide range of products, alongside a case-by-case approach to underwriting and unrivalled levels of service has proved to be a winning formula.
“With our research showing that over half of Scots would consider switching to another lender, I’m excited about entering the Scottish market.”
Meanwhile, Nationwide Building Society has announced that it is prepared to extend new build mortgage offers by 45 days in certain situations.
The lender’s new build offers were previously valid for six months. Now buyers can use a 45-day extension with no fresh application if they hit delays in the construction process.
The extension deal requires confirmation that the original valuation is correct before the offer reaches expiry.
Nationwide head of new build and intermediary support Andy Dean said:
“We’ve listened to broker and builder feedback and the introduction of the automated 45-day extension offer gives reassurance to customers and brokers from the outset that unforeseen circumstances such as build delays can be accommodated.”
Nationwide is also launching a pilot project to speed up the time taken to carry out new build valuations. The lender will team up with Countrywide Surveying Services for the pilot, which will use prior site visits and other information to streamline the process.
The firm has also removed the requirement for a floating charge on loans to limited companies.