Feature of the Week

Metro Bank reduces rates and expands into 80% LTV Buy to Let market

We have reduced rates across our Residential and Buy to Let Ranges by up to 50bps and re-entered the 80% LTV Buy to Let market, effective from today.

Sourcing systems and Product Guides have been updated to reflect these changes.

Beyond the reprice, what else is new?

Residential (new business and existing customers)

• Core Range:
  • New 5 year fixed rate 80% LTV product at 4.99% (capital repayment only)

• Large Loan Range:
  • New 5 year fixed rate 80% LTV product at 4.99%
  • Product fees increased to 0.25% on 2 year products and 0.50% on 5 year products

Buy to Let (new business and existing customers where applicable)

• Personal and LCBTL:
  • Reintroduction of 80% LTV products at 5.69%

For full details on the points above, please refer to our Product Guides.

Case scenario: Supporting customers after an IVA

Many customers are emerging from IVAs and looking to re-enter the mortgage market after completing their arrangements. Metro Bank’s Near Prime Range considers settled IVAs as soon as the completion certificate is issued and offers a clear pathway back to homeownership.

Sarah, IT Contractor

• Entered an IVA five years ago after income disruption during the pandemic
• Successfully completed her IVA only 1 month ago, the credit report hasn’t updated yet but Sarah has her completion certificate to evidence the IVA has been settled

Metro Bank solution

• Accepted as soon as IVA completed – no waiting period required
• Opportunity for Near Prime customers to move onto our Core Range at the end of their fixed rate period
• Maximum LTV of 85% LTV
• Interest only, Repayment and Part and Part options
• Loans available from £50,000 - £750,000 for purchase and re-mortgage

All applications are subject to application score card and underwriting assessment.

For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.