- The bank has reduced rates on its 90% loan-to-value (LTV) 5 year fixed rate mortgages
- This applies to both new lending and remortgages
- Further enhancements ahead as the bank aims to become the nation’s number one specialist lender
Metro Bank today announces significant rate reductions of 0.4% on its 90% LTV 5 year fixed rate mortgages.
For customers looking for a new mortgage, the reduced rate is now 3.59%, whilst those looking to remortgage will also benefit from a reduced rate of 3.64%.
For several months, the bank was one of the only lenders in the market offering 90% LTV residential mortgages, at a time when most lenders had withdrawn their higher LTV products.
Metro Bank has been vocal about its ongoing specialist mortgages journey since November 2020, when it enhanced its criteria for Buy to Let (BTL) customers by reducing its stress test rate on five year mortgages, as well as increasing the maximum age for a BTL applicant at the end of their term from 80 to 85. The bank is also in the process of expanding its mortgages team and hiring a number of experienced professionals, setting its sights on becoming the UK’s number one specialist lender.
Charles Morley, Director of Mortgage Distribution at Metro Bank, comments: “Right now there are plenty of borrowers with smaller deposits looking for a mortgage. Metro Bank is proud to continue to support these customers, as they move to a new home or look to jump on the housing ladder for the first time. We have really exciting plans to improve our specialist mortgages range in 2021 and the new products that you’ll see will be as individual as our customers are."