Metro Bank is reducing rates on its five-year fixed rate residential mortgages by up to 0.30 per cent.
The new deals range from 60 per cent loan-to-value up to 85 per cent, with the former level priced at 1.99 per cent, while the latter comes in at 2.49 per cent.
Head of mortgage distribution Charles Morley said the new rates will provide first-time buyers, homeowners on their lender’s standard variable rate and those whose deal is coming to an end, with great savings.
Residential - 5 Year Fixed |
Max LTV | From | To | Difference |
60% | 2.09% | 1.99% | -0.10% |
65% | 2.29% | 1.99% | -0.30% |
70% | 2.29% | 2.19% | -0.10% |
75% | 2.39% | 2.29% | -0.10% |
80% | 2.49% | 2.39% | -0.10% |
85% | 2.59% | 2.49% | -0.10% |
The bank underwrites mortgage applications on an individual basis to ensure that customers’ personal circumstances are taken into account. New customers get a single, dedicated underwriter and brokers have the ability to submit applications through its online mortgage portal.
The move follows the Metro Bank’s recent results, which showed total lending reached £4.6bn at the half year point, after second quarter growth of over £500m and a year-on-year increase of 110 per cent.
peter.walker@ft.com
