Looking for a mortgage but missed a credit card or mortgage repayment? Metro Bank may be able to help
Metro Bank for Intermediaries has loosened its acceptance criteria to make it easier for borrowers with mild credit issues to secure a mortgage.
The bank is one of a limited number of high street lenders to potentially accept applications from borrowers with CCJ's and complete Debt Management Plans. Surprisingly Metro Bank will also accept up to two missed repayments on mortgages, credit cards and secured loans within the last 24 months.
Aaron Strutt, product director at Trinity Financial, says: "If you have missed payments on your credit report some of the lenders can be particularly unforgiving and decline mortgage applications whatever the reason for missing the payment. There is a chance some of the bigger lenders can still accept your application providing you have a good credit score so you will not need to approach one of the specialist lenders with higher rates.
"Metro Bank previously allowed applicants to have one missed mortgage repayment and recently increased the limit to two. Our brokers have been submitting applicants for clients with mild adverse credit to a large bank for years because it has tickbox on the application to declare credit issues. This bank is known as one of the largest specialist lenders in the industry and its rates are very cheap."
Even though Metro Bank has said it is offering these more specialist mortgages applications will still need to have a good credit score, and they cannot have a track record of missing payments. Borrowers may need to explain why they missed the payment(s), and they still have to pass the initial credit check.
If your credit report highlights that you have used payday loans, relied on cash advances or have payments rejected, your application with Metro Bank will be refused.
| Category | Accepted | Acceptance criteria |
| County Court Judgements (CCJs) | Yes | If total value up to £1,000 and satisfied. If unsatisfied the debt cannot exceed £500. |
| Missed mortgage, credit card, secured loan and other payments | Yes | Up to 2 months arrears in the last 24 months. |
| Bankruptcy | Yes | Must be discharged, and more than 3 years must have passed since bankruptcy order. |
| Debt Management Plan/Debt Relief Order and IVAs | Potentially | Accepted if Debt Management Plan/Debt Relief Order or IVA accepted when complete. |
Source: Metro Bank
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