- The specialist lender has introduced 2 and 3 year fixed rate mortgages at 90% LTV, in addition to existing 5 year products
- New 85% LTV range available on 2, 3 and 5 year fixed rate mortgages
- Maximum loan sizes at 85% LTV and 90% LTV also increased
Metro Bank today unveils an overhaul of its higher LTV residential products.
At 90% LTV, the specialist lender has introduced new 2 and 3 year fixed rate mortgages, priced from 3.19%. The maximum loan size has increased to £675,000 from £540,000.
Metro Bank is also offering a new 85% LTV range with 2, 3 and 5 year fixed options available with rates starting from 2.89%. The maximum loan size for these products has been increased to £850,000 from £510,000.
In great news for buy-to-let (BTL) borrowers, as of tomorrow 19 February the bank will also be cutting its stress test rate on five year BTL mortgages, from 4.5% to 4%.
In recent months Metro Bank has made significant strides as it aims to become the nation’s number one specialist lender. In addition to previous BTL criteria enhancements in November 2020, the bank has grown its mortgages team with a number of experienced hires, all whilst continuing to offer a suite of higher LTV products for residential borrowers when many of its competitors had stepped away from the market.
Charles Morley, Director of Mortgage Distribution at Metro Bank, comments: “The higher LTV market has been very active as of late with many lenders stepping back into the fold. Metro Bank is proud to have remained in this market throughout, whilst reducing rates and expanding our product range in recent weeks. We’re listening to the needs of both our customers and our intermediary partners, delivering a substantial number of specialist upgrades and continuing to offer a range of products that are as individual as our customers are.”