The initial pilot is being run in conjunction with John Charcol using a quota system to maintain service standards.
But the bank says it is in active discussions with a small number of other brokers with plans to extend availability over the next few months.
Its product range via brokers is the same as it currently offers direct – for properties under £1m products range from a two-year 60% LTV tracker product at 3.09% to a two-year 70%-80% LTV fixed rate at 3.65, all with a flat fee of £999.
But for properties over £1m it has today also launched a range of products at 70% LTV with rates starting at 3.39% and a product fee of 1%.
When it first launched in July 2010 it was the first new high street for over 100 years and offered mortgages, current accounts, savings accounts, credit cards and loans. Despite launching as direct-only, in 2010 Anthony Thomson, co-founder and chairman of Metro Bank, told Mortgage Strategy he would not rule out using mortgage brokers in the future. And in December 2011 Mortgage Strategy revealed that a Metro Bank had been contacting brokers, just a month after it was revealed it had completed just 100 mortgages.
Currently the bank has 12 stores and by the end of August hopes to have 100,000 customers.
Paul Marriott-Clarke, commercial director at Metro Bank, says the bank is now looking to build a long term intermediary business.
He says: “By partnering with a small number of intermediary partners, we ensure that we are able to give a consistently high level of service to all. Metro Bank offers common sense banking with the personal touch and our individual underwriting service means that we will consider cases which would typically fail the automated credit scorecards used by many lenders.”
Walter Avrili, managing director of John Charcol, says: “We are delighted that Metro Bank has chosen John Charcol to launch its intermediary proposition. The addition of such a lender who is focused on unparalleled service and transparent products can only be a good thing for our clients and indeed all UK mortgage borrowers.