Metro Bank has cut rates on its 2-year fixed rates by 30 basis points and two-year tracker mortgages by 40bps for residential mortgages of less than £1.5m, with effect from today (14 July).
A 2-year fixed rate at 70 per cent loan-to-value is now 2.39 per cent, the 2-year fixed rate at 80 per cent LTV is 2.69 per cent and the 2-year fixed rate at 85 per cent LTV is available at 3.19 per cent.
The 2-year tracker deal rates are changed to 2.19 per cent at 70 per cent LTV, 2.49 per cent at 80 per cent LTV, and 2.99 per cent at 85 per cent LTV.
Rates will also be reduced by up to 60bps on Metro Bank’s buy-to-let range.
These rates, previously available for a maximum loan size of £750,000, will now be available for values up to £1m.
The 2-year fixed rates are now 3.19 per cent for 65 per cent LTV and 3.39 per cent at 75 per cent LTV.
The 5-year fixed rates are now available at 3.99 per cent at 65 per cent LTV and 4.29 per cent at 75 per cent LTV.
Metro Bank’s 2-year tracker at 75 per cent LTV is now 3.19 per cent.
For higher value residential mortgages in excess of £1.5m, Metro Bank has replaced the previous 0.5 per cent product fee with a flat fee of £4,999.
Metro Bank bosses said the new product fee will lead to significant savings for customers.
