About Metro Finance Ltd
Shared Ownership buyers can use Metro Finance Ltd for mortgage advice built around the scheme’s affordability process. The business works with Shared Ownership mortgage lenders and offers access to broker products, including exclusive products and lenders. It can help assess affordability, identify a suitable share size and guide applicants towards a mortgage agreement in principle.
The process can be managed online, with applicants able to upload documents and track progress by phone, computer or tablet. Metro Finance explains the stages from affordability assessment and document checks through to reservation, mortgage offer and solicitor work. It can also estimate affordability before documents are uploaded, although accurate income and outgoings information is needed to make the assessment useful.
Before you choose Metro Finance Ltd
4.8 on average from 854 reviews
In its favour
- Shared Ownership specialist focus
- Online document tracking
- Access to exclusive products
Worth asking about
- Accurate income and outgoings details are needed for assessment
Typical client: Shared Ownership buyers assessing an affordable share
Specialties
Also works on: first-time buyers
Key facts
- Type
- Mortgage broker
- Rating
- 4.8 on average from 854 reviews
Featured in
Questions and answers
Does the broker specialise in Shared Ownership mortgages?
Yes. It focuses on Shared Ownership buyers and works with all Shared Ownership mortgage lenders, including some exclusive products and lenders.
Is the Shared Ownership affordability assessment free?
Yes. The affordability assessment is free, and an assessment can be completed without supplying documents initially.
How much can the mortgage advice fee be?
The mortgage advice fee can be up to 1% of the amount borrowed. A typical fee is £499, depending on the applicant’s circumstances.
What documents are needed for a Shared Ownership mortgage?
Applicants generally need the last three months’ payslips or tax overviews, bank statements, deposit evidence, gifted deposit letters where relevant, proof of address and photographic identification. Documents should be uploaded as PDFs.
Can I track the mortgage application online?
Yes. Applicants can upload documents and track their mortgage progress online using a phone, computer or tablet. The broker also provides updates by phone and through its customer portal.
How long can a Shared Ownership mortgage offer take?
It can take around five days with a fast lender or 30 to 40 days with a slower one, and sometimes longer. The broker monitors lender service speeds when giving advice.
