Metro Bank has announced new plans to enter the shared ownership and limited company buy-to-let (BTL) sectors of the mortgage market.
The lender is undertaking a major transformation of its mortgage origination platform to streamline the process for both mortgage intermediaries and customers, as well as launching a series of products in both new sectors.
Metro Bank said the upgraded platform will significantly streamline the mortgage application process and deliver an enhanced user experience for mortgage intermediaries and their administration teams. It will mean mortgage intermediaries will now be able to request a day one valuation in more cases rather than wait for the initial underwriting process to be completed, if this is something their customer requires, which potentially leads to a quicker and smoother process.
Administrators will now also be able to manage the application post-submission, allowing them to keep a case moving quickly through the system to offer.
Director of mortgage distribution at Metro Bank, Charles Morley, commented: “This significant system transformation will help us to support a wider breadth of mortgage customer. We have worked hard on delivering a more efficient process and are confident that these changes will make a real and positive difference for mortgage intermediaries and their teams, creating a smoother customer journey.
“The transformation is a significant milestone in our journey and provides the foundation to be much more flexible in the markets we choose to operate in, including our new upcoming products for shared ownership and limited company BTL markets.”
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