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METRO BANK REDUCES PRODUCT FEE BY UP TO TWO THIRDS ACROSS RESIDENTIAL FIVE YEAR FIXED

9th August 2018
  • Rates now starting from 1.89% with £499 product fee

Metro Bank, the revolution in British banking, has refreshed its Residential Five Year Fixed range with the introduction of a new reduced product fee.

Customers looking to lock in their rate for the longer-term are now able to benefit from the following:

LTV

Rate

New product fee

Previous product fee

50%

1.89%

£499

£1,499

60%

1.94%

£499

£999

75%

1.99%

£499

£999

80%

2.04%

£499

£999

85%

2.14%

£499

£999

90%

2.44%

£499

£999

Charles Morley, Director Mortgage Distribution said: “With the Bank of England base rate increasing last week, we have witnessed customers looking for the security afforded by longer term fixeds. A reduced product fee, along with the same great rates and our comprehensive criteria, make our proposition highly attractive for both customers planning to purchase their next home and also those looking to remortgage.”


Brian Murphy, Head of Lending at Mortgage Advice Bureau added: “In introducing these positive changes to product pricing only days after the BOE base rate increase, Metro Bank have demonstrated that great value mortgage products are still very much in evidence. Combined with some truly excellent criteria more borrowers will be able to realise their ambitions to buy their first home, move house or refinance their existing arrangements.”


The news follows the bank increasing its switching procuration fee by 50% to 30bps last month, as well as the release of its half year results, which revealed gross mortgage lending had grown by 59% year-on-year to £7.9bn. The lender prides itself on its ability to support brokers and customers with both regular and complex lending requirements and offers everything from joint-borrower sole-proprietor mortgages, to top-slicing for landlords in need of a more flexible approach to assessing income. It is a top 20 lender and expects to become a top ten lender over the coming years.