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Name: Sarah

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Metro Bank fail to show flexibility and forbearance in response to Covid-19 crisis

I have a 5 year fixed rate buy-to-let mortgage at 3.59% with Metro Bank which expires in August this year. My tenants who have been at the property for 4 years asked if they could pay £600 less per month because they have both lost work since outbreak of Covid-19. I agreed to this because I'm listening to the government's message that it is incumbent on all of us to support our fellow citizens during this crisis. I asked Metro Bank if I could leave my mortgage 4 months early to move to a mortgage rate which is half the rate I'm currently paying and would allow me to continue to provide a roof over my tenants heads. Metro Bank told me I would have to pay £2,307.55 in early redemption charges. I asked if this could be waived and they refused. I am very, very disappointed. Metro Banks's response is definitely not in the spirit of flexibility and support which the government has called upon us to demonstrate. I sent an email to the Metro Bank Chief Executive Daniel Frumkin and the reply was definitely not from him. Shame on Metro Bank that they would prefer to continue to make money from me at a higher interest rate at the expense of keeping a roof over the heads of vulnerable tenants. Reviewed on: 9th April 2020