Metro Bank, the leading challenger bank, is reducing rates on its 5 Year Fixed Rate Residential mortgages.
The new prices will be:
- 5 Year Fixed Rate up to 65% LTV, rates available at 1.99%
- 5 Year Fixed Rate up to 70% LTV, rates available at 2.19%
- 5 Year Fixed Rate up to 75% LTV, rates available at 2.29%
- 5 Year Fixed Rate up to 80% LTV, rates available at 2.39%
- 5 Year Fixed Rate up to 85% LTV, rates available at 2.49%
Charles Morley, Head of Mortgage Distribution at Metro Bank, commented: “We’re delighted to announce a reduction across our 5 year fixed rate mortgage range, benefitting those customers looking for a longer term mortgage solution. Our market leading rates will provide first time buyers, homeowners on their lender’s SVR and those whose deal is coming to an end, with not just a potential great saving, but piece of mind for the future.”
Jeremy Duncombe, Director, Legal & General Mortgage Club, said: “Following the UK’s decision to leave the EU, we’re pleased to see that the mortgage market remains buoyant, with Metro Bank’s announcement a clear reflection of a sector that’s open for business.
“The challenger bank continues to drive their proposition with competitive pricing, a robust manual underwriting process and a desire to build long-term customer relationship and we look forward to seeing more customer-focused products and services from the lender in the months to come.”
This announcement follows the Metro Bank’s recent HY1/ Q2 announcement, showing total lending has reached £4.6bn – reflecting a quarterly growth of over £500 million and a year-on-year increase of 110%.
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. New customers benefit from a single, dedicated underwriter and brokers have the ability to submit applications through the Metro Bank online mortgage portal. In addition, Metro Bank does not sell bank assurance or insurance, allowing it to focus entirely on servicing customers’ mortgage needs.