Metro Bank, the revolution in British banking, has announced that it has reduced rates across its 2, 3 and 5-year-fixed residential range, as well as its 2 and 5-year tracker products.
For residential mortgages under £2 million, the new rates are now available from:
- 5-year fixed up to 65% LTV: 1.69%
- 5-year fixed up to 70% LTV: 1.79%
- 5-year fixed up to 75% LTV: 1.84%
- 5-year fixed up to 80% LTV: 1.99%
- 5-year fixed up to 85% LTV: 2.09%
- 5-year fixed up to 90% LTV: 2.59%*
For both its 2 and 3-year fixes, rates have been reduced by up to 20bps and are now available from 1.89%. The bank’s 2 and 5-year trackers up to 85% LTV have also been cut by 10bps, with rates now starting from 1.84% and the 5-year tracker benefitting from a three year Early Repayment Charge.
Charles Morley, Director Mortgage Distribution at Metro Bank said: “We’re here to show our broker partners and customers that we mean business. With increasing uncertainty about a potential rate rise, we want to give people peace of mind by providing competitive rates, alongside the flexibility to overpay by up to 20% per year.”
The news follows last month’s announcement that, in a move to reward loyalty, it has eliminated product fees for existing residential mortgage customers, when switching to a new product at the end of their term for loans up to £2 million.
Jeremy Duncombe, Director at L&G Mortgage Club added: “This is another strong move from Metro Bank. Competitive rates like these, coupled with their hard work to deliver good service, means today’s news is likely to go down extremely well among brokers up and down the country.”
Metro Bank is committed to offering the best in service and convenience to its customers. The bank underwrites mortgage applications on an individual basis to ensure that customers’ personal circumstances are taken into account. Brokers have the ability to submit applications through the bank’s online mortgage portal that pays proc fees and customers benefit from a single, dedicated underwriter. Metro Bank does not sell bank assurance or insurance, allowing it to focus entirely on fulfilling customers’ mortgage needs.
* 5-year fixed up to 90% LTV is only available directly in stores or through L&G. Otherwise the broker rate is 2.64%.