Metro Bank will distribute its mortgage products through intermediaries within the next 12 months, Money Marketing understands.
A spokeswoman says the bank is “growing and developing its proposition” but would not confirm a move into the intermediary market. In December, Money Marketing’s sister publication Mortgage Strategy reported that one of the bank’s business development managers had visited brokers to test the appetite for a non-proc-fee offering.
This week, the bank announced it had raised £126m to support new branch openings as it eyes a 2014 flotation. The bank was set up in 2010 and has over 80,000 personal and business accounts and 12 branches in the Greater London area. Reports suggest the bank had provided just 100 mortgages to customers by the end of 2011 but the bank refused to confirm the exact figure. It plans to have 200 branches by 2020.
Capital Fortune managing director Rob Killeen says: “We would love to see Metro Bank offer its products through intermediaries.”