Fixed Rate  

Metro Bank slashes fixed rate mortgages

Metro Bank slashes fixed rate mortgages

Metro Bank has launched a record low five-year fixed rate up to 65 per cent loan-to-value (LTV) at 1.84 per cent.

The high street lender today (26 November) revealed it is reducing rates on its three-year and five-year fixed residential range, as well as introducing a new five-year residential tracker.

For five-year fixed residential mortgages under £2m, the new rates available are 1.84 per cent up to 65 per cent LTV, 2.04 per cent up to 70 per cent LTV, 2.14 per cent up to 75 per cent LTV, 2.24 per cent for up to 80 per cent LTV and 2.34 per cent for up to 85 per cent LTV.

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For three-year fixed residential mortgages under £2m, the new rates available are 1.99 per cent for up to 75 per cent LTV, 2.04 per cent for up to 80 per cent LTV and 2.29 per cent for up to 85 per cent LTV.

The bank has also announced the introduction of a new five-year residential tracker up to 85 per cent LTV at 1.94 per cent with a three-year early repayment charge.

Metro Bank’s recent results 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.

Sally Laker, managing director of Mortgage Intelligence, said: “It is good to see that Metro Bank are offering a complete range of products for their customers to meet all attitudes to risk, particularly the five-year residential tracker, which is a popular product in the high net worth space.”

emma.hughes@ft.com