- Launches high-street best-buy Residential 90% LTV 5-Year Fixed
- Rate reductions of up to 40 bps on core BTL range
- Large loan range pricing cut by up to 30 bps and reduced application fees
- Launches new large loan range for properties up to £10 million
Metro Bank, the revolution in British banking, has today announced a number of changes to both its Residential and Buy-To-Let (BTL) product ranges.
Charles Morley, Director Mortgage Distribution at Metro Bank said: “Today’s announcement demonstrates the breadth of our mortgage range. We’re here to support everyone, whether you’re a first-time buyer looking to get your foot onto the property ladder through our joint-borrower sole-proprietor mortgages; a landlord wishing to benefit from our use of top-slicing; or a customer needing a choice when it comes to obtaining a larger loan. Our wide range of products, alongside our case-by-case approach to underwriting, is proving a winning combination for customers and brokers across the UK.”
BTL mortgages
Rates for BTL mortgages under £2 million have been reduced by up to 40 bps, with new rates now available from:
| BTL | 65% LTV | 75% LTV |
|---|---|---|
|
2-Year Fixed |
2.59% |
2.69% |
|
3-Year Fixed |
2.69% |
2.79% |
|
5-Year Fixed |
2.79% |
2.89% |
|
2-Year Tracker |
NA |
2.54%* |
For BTL loans between £2 million and £3 million, the new rates are:
| BTL | 70% LTV |
|---|---|
|
2-Year Fixed |
2.79% |
|
3-Year Fixed |
2.89% |
|
5-Year Fixed |
2.99% |
|
2-Year Tracker |
2.54%* |
The bank’s new range for BTL loans up to £5 million, are as follows:
| BTL | 60% LTV |
|---|---|
|
2-Year Fixed |
2.89% |
|
3-Year Fixed |
2.99% |
|
5-Year Fixed |
3.09% |
|
2-Year Tracker |
2.64%* |
Residential mortgages
For residential mortgages under £2 million, the bank has reduced its 5-Year Fixed up to 90% LTV by 10 bps to 2.54%.
Rates for Residential 2 and 3-Year Fixed have marginally increased and the Residential 5-Year Fixed at 65% and 70% LTV have been withdrawn, with rates now starting from 1.84% at 75% LTV.
| Residential | 80% LTV | 85% LTV |
|---|---|---|
|
2 and 3-Year Fixed |
1.94% |
2.04% |
The bank has also reduced rates across its large loan range by up to 30 bps, with application fees also cut from £4,999 to £1,999.
For residential properties between £2 million and £5 million, rates are now available from:
| Residential | 70% LTV |
|---|---|
|
2-Year Fixed |
1.89% |
|
3-Year Fixed |
1.89% |
|
5-Year Fixed |
1.99% |
|
2-Year Tracker |
1.84%* |
|
5-Year Tracker |
1.84%* |
Metro Bank has also introduced a brand-new large loan range for loans up to £10 million, with residential rates now available from:
| Residential | 50% LTV |
|---|---|
|
2-Year Fixed |
1.99% |
|
3-Year Fixed |
1.99% |
|
5-Year Fixed |
2.09% |
|
2-Year Tracker |
1.94%* |
|
5-Year Tracker |
1.94%* |
*Assumes Bank of England Base Rate at 0.25%