Metro Bank has sold just 100 mortgages since launch
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New lender Metro Bank has sold just 100 mortgages in the 15 months since it launched, according to reports.
The lender launched to fanfare last year with an extravagant opening at its central London branch where it pledged to challenge the big banks.
But it has made little impact in the UK residential mortgage market despite launching into buy-to-let this year.
The bank has invested in opening branches in London with a focus on service over price such as its extended opening hours from 8am to 8pm on weekdays.
It only lends up to a maximum of 80 per cent LTV with deals at that level costing 3.95 per cent for a two-year fix and 4.95 per cent for a five-year fix.
The bank is a direct-only lender but last year Anthony Thomson, co-founder and chairman of Metro Bank, said he would not rule out lending through intermediaries.
He says: “As a new bank we have lent to thousands of personal and business customers. We also now have over 40,000 accounts and grow at 1,000 a week.”
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