- The specialist lender has introduced significant rate reductions on 75% LTV products
- At the same time, it’s offering new 2 and 3 year fixed rate options at 95% LTV
Metro Bank has announced more significant product changes as of today. Firstly, the Bank has reduced pricing by 50bps across its 75% LTV residential range for new lending and for existing customers looking to rate switch, top-up or take a further advance.
In another boost for borrowers, Metro Bank has added 2 and 3 year fixed rate mortgages to its 95% LTV residential range, for purchases and pound for pound remortgages.
- 75% LTV 2 and 3 year fixed rates start at 2.09%
- 75% LTV 5 year fixed rates start at 2.24%
- 95% LTV 2 year fixed rates start at 3.69%
- 95% LTV 3 year fixed rates start at 3.79%
The Bank launched into specialist mortgages last year by enhancing its criteria for buy-to-let lending. Since then, Metro Bank has released a range of significant product and process upgrades such as launching a near prime residential mortgages range – remaining the only high street lender offering these mortgages – as well as other enhancements including rate reductions, entering the 95% LTV market and expanding its professional mortgages range.
Tony Davis, Head of Mortgages at Metro Bank, comments: “In line with our specialist strategy, Metro Bank is pleased to offer significant rate reductions across our 75% LTV products whilst further expanding our 95% LTV range as well. These changes will help us continue to assist our increasing range of customers and is a good example of us listening and responding to customer and broker feedback.”
Please click here to find out more about Metro Bank's range of mortgages.
Notes to editors
An arrangement fee of £999 will apply to most loans, with the maximum loan size limited to £570,000 on 95% LTV mortgages. Capital raising is permitted up to 80% LTV.