Metro Bank has launched a 90 per cent loan-to-value range for first-time buyers, movers and remortgage customers borrowing up to £500,000.
Rates available for purchase and remortgage are 2.39 per cent for a two year fix, 2.39 per cent for a three year fix and 2.74 per cent for a five year-fix, all of which come with a fee of £999.
Remortgage-only rates are 2.49 per cent for a two or three year fix and 2.79 per cent for a five year fix, or 2.64 per cent and 2.69 per cent without the £999 product fee.
Charles Morley, director of mortgage distribution at Metro Bank commented: “By extending our range into the 90 per cent LTV market, as well as offering this LTV on our joint borrower sole proprietor range, we hope to support the increasingly large number of first-time buyers, as well as those looking for a competitive remortgage deal.
“By providing superior levels of service alongside fast turn-around times and attractive rates, we’re becoming the mortgage provider of choice for a growing number of customers and brokers up and down the country, and look forward to further growing our business over the next few years.”
Anthony Hawkes, senior market concierge at Essex-based Frost Financial Services, said: “The higher the margins the better -it is always good to help first-time buyers. It is a shame it went wrong before 2008, but slowly but surely the lenders are approaching things with a bit more flexibility.”
simon.allin@ft.com
