- In a big boost for borrowers with lower deposits, the Bank reduces rates on both 90% and 95% LTV products
- The maximum loan size at 95% LTV has also increased
The specialist lender Metro Bank today unveils further product enhancements for its growing number of customers.
The Bank has reduced rates on all its 90% and 95% LTV fixed rate residential mortgages by 0.20% across the board. This also applies to customers borrowing via Metro Bank’s professional range, which now includes high earning customers and offers an income multiple of up to 5.5 times annual earnings, available at up to 90% LTV.
In addition, the maximum loan size at 95% LTV has increased to £675,000 from £570,000 to move it in line with Metro Bank’s 90% LTV mortgages.
The new rates are as follows:
- 2 year: 2.99%
- 3 year: 3.09%
- 5 year: 3.19%
- Professional 5 year: 3.34%
- 2 year: 3.49%
- 3 year: 3.59%
- 5 year: 3.69%
It’s been a busy 2021 so far for Metro Bank’s mortgages business. The Bank launched a near prime residential mortgages range – remaining the only high street lender in this market – as well as offering consistent rate reductions across a number of products.
Charles Morley, Director of Mortgage Distribution at Metro Bank, comments: “We’re pleased to further enhance our higher LTV mortgages with these significant rate reductions. Alongside increasing maximum loan sizes, it demonstrates our strong commitment to a wide range of borrowers as we build on our plans to become the UK’s premier specialist lender.”
Notes to editors
An arrangement fee of £999 will apply to most loans. Capital raising is permitted up to 80% LTV.