Metro Finance

Metro Finance, mortgage broker specialising in shared ownership

Metro Finance is a UK mortgage brokerage firm focused on shared ownership mortgages. It operates under the trading name Metro Finance Brokers Limited, which acts as an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited, entities authorised and regulated by the UK Financial Conduct Authority. The company is registered in England with number 04998736 and its registered office is at Capital House, Pride Place, Derby, DE24 8QR.

The firm presents itself on its website as the UK's number one for shared ownership mortgages, a claim that corresponds to its own marketing communication. According to the data it publishes, it has been operating since 1996, has received awards for its services to first-time buyers and is trusted by around ninety housing associations, allowing it to concentrate its activity on this specific segment.

Access to lenders and products

Metro Finance states that it works with all lenders offering shared ownership mortgages, which in its presentation translates into access to all broker products available on the market, including some exclusive products and lenders. The website puts the number of lenders offering this type of mortgage at around 28, including most major high street banks and numerous building societies.

The firm reminds that these products work like any other mortgage: the larger the deposit, the better the interest rate. It also warns that a mortgage advice fee of up to 1% of the amount borrowed may apply, with a typical fee of £499 that varies according to the client's circumstances.

Online processing and case tracking

One of the features the company highlights is the digital management of the process. Clients can upload documents and track the progress of their mortgage online from their phone, computer or tablet, without the need for in-person appointments or travel. The platform includes a document upload portal, a document history and help and tracking functions.

The process described on the website is divided into several stages: the affordability assessment to determine what percentage of the property is affordable; the mortgage approval in principle; the upload of documents such as ID, bank statements or documentation that also serves the housing association and the lender; reserving the property by paying a holding fee; the full application to the lender; the mortgage offer as a contract between client and lender; and the solicitor stage that formalises the transaction with the seller.

Required documentation

The firm details the documents it usually requests from applicants, with the aim of speeding up the case:

• The last three payslips.
• Tax overviews and calculations for self-employed workers.
• Bank statements from the last three months.
• Proof of deposit and audit trail of funds.
• Gifted deposit letters when the deposit comes from a third party.
• Proof of address.
• Passport or driving licence.
• Sign-off form confirming that the transaction is affordable and sustainable.

As a practical recommendation, the website suggests preparing each document in PDF format and downloading bank statements directly from online banking rather than using screenshots.

What shared ownership is

Metro Finance dedicates a section to explaining how this scheme works, which has been in place for around forty years and is part of the UK government's affordable housing programmes. In practice, the property is usually sold by a housing association: the buyer purchases the share they can afford and pays rent on the remaining share. Over time, they can buy more shares, a process known as staircasing, so that the rent decreases and the ownership share increases. The home belongs to the buyer and no one can sell it except them.

Client profile and regulatory warnings

The firm's activity is aimed at first-time buyers and those accessing a home through shared ownership. The website includes the usual industry warnings: the home may be repossessed if mortgage payments are not kept up, and advice may involve a fee of up to 1% of the amount borrowed.

Location and contact

Capital House, Pride Place, Derby, DE24 8QR