Press releases

Legal & General Mortgage Club is chosen as first network partner of Metro Bank.

Martyn Smith - Head of Mortgage Products - Legal & General
Martyn Smith
Head of Mortgage Products
Legal & General

12 February 2013

Martyn Smith - Head of Mortgage Products - Legal & General
Martyn Smith
Head of Mortgage Products
Legal & General

Legal & General Mortgage Club today announces that Metro Bank has partnered with Legal & General's Appointed Representative (AR) Network and its Nouveau Directly Authorised (DA) firms. This move makes Legal and General Metro Bank's first networked intermediary partner.

Metro Bank offers competitive rates on its mortgage products available through Legal & General Mortgage Club, with a two year tracker available at 3.39% or a two year fixed rate at 3.49% on loans with an 80% Loan To Value (LTV). The products represent fantastic value, with free legal and valuation fees up to a maximum property value of £1 million for re-mortgages, and Capital Repayment without any charge up to 20% a year on all residential products.

Metro Bank also offer deals on Buy to Let products, with its five year fixed rate Buy to Let mortgage available at 4.35% and products available for property values up to £1.5 million.

Importantly, Metro Bank focuses on service rather than sales targets, which means that it never cross sells bank assurance or insurance products to customers.

Martyn Smith, Head of Mortgage Products, Legal & General Network says:

"It's great that Legal & General Mortgage Club is the first network to partner with Metro Bank for the distribution of its excellent range of mortgage products. Metro Bank has been innovative when it comes to banking with personal service and individual case underwriting at the heart of what it does. We are excited to be part of their growth plans for 2013 and look forward to working closely with them for the benefit of our members and their customers, especially as this year looks set to be an exciting one for the housing market.  Our research report into the New Normal in the Housing Market indicates that the market should start to pick up in mid-2013, with house prices predicted to return to their 2007 peak of £227,000 by 2015. We are therefore extremely excited to be partnered with Metro Bank at a time when their products could really start to have a positive impact on the growth of the market."

Richard Saulet, Commercial Director at Metro Bank says:

"It was a natural step to partner with the Legal & General Mortgage Club, as we know they share Metro Bank's commitment to amazing customer service. We're dedicated to building a long term and highly successful intermediary partnership, focused on providing brokers and their customers products designed entirely around their needs, as well as amazing service.

"We offer common sense banking with the personal touch and our individual underwriting service means that we can work on a case by case basis with brokers. We're revolutionising the high street banking landscape, and with L&G's help, we look forward to revolutionising the intermediary market too."

Notes to editors

About Legal & General

Established in 1836 L&G has been in business for 175 years, illustrating the company's credibility and experience in every kind of economic climate. Legal & General currently has over 7 million customers for its life assurance, pensions, investments, general insurance plans and mortgage products. In the mortgage market, L&G aims to deliver customers the right mortgage, protection and related solutions for their homes and families by providing their advisers with outstanding products and expert business support

About Metro Bank

Metro Bank operates retail hours, not banking hours. It is open seven days a week (8am- 8pm Monday to Friday, 8am - 6pm Saturday, 11am - 5pm Sunday and bank holidays), every day of the year apart from Good Friday, Easter Sunday, Christmas Day and New Year's Day.

Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. 'Metrobank' is the registered trade mark of Metro Bank PLC.

Metro Bank PLC is authorised and regulated by the Financial Services Authority (FSA) in relation to our acceptance of deposits and provision of investment and insurance services. In relation to our consumer credit business, Metro Bank PLC is licensed and regulated by the Office of Fair Trading and not by the FSA. Most relevant deposits are protected by the Financial Services Compensation Scheme.  For further information about the Scheme refer to the FSCS website

All Metro Bank products are subject to status and approval. Free Everyday Banking is available for start ups, switchers and clubs, societies and charities who have an annual or estimated annual turnover of less than £2m per year.
Metro Bank PLC is an independent UK bank - it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.

For more information please contact:

Alyson Bowcott

Alyson Bowcott
PR Manager, Legal & General Group

t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574