Metro Bank cuts buy-to-let rates

Metro Bank cuts buy-to-let rates

Metro Bank has reduced the rates on its five-year fixed residential and buy-to-let product ranges.

The lender has also lowered rates for two and three-year tracker and fixed buy-to-let products as well as introduced a new 60 per cent loan-to-value product in its five-year fixed range.

Craig Donaldson, chief executive of Metro Bank, said: "Our competitive rates and fast turnaround times, combined with benefits such as allowing 20 per cent overpayments for residential customers, and top-slicing for buy-to-let customers, means we are hitting the ground running this year and are ready to support brokers and borrowers up and down the country."

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The five-year fixed rate residential mortgage has a rate of 1.79 per cent, while its new buy-to-let product has a 2.39 per cent rate on a five-year fixed mortgage.

The 65 per cent loan-to-value product for buy-to-let borrowers fixing for five years has been cut by 0.3 basis points to 2.79 per cent.

Jorden Abbs, head of operations at buy-to-let mortgage specialist Commercial Trust, said: "It is good to see Metro Bank reducing rates to support UK landlord investors, there has been a lot of change in the industry of late and with Brexit on the horizon, many landlords are fixing in to low rates to weather any potential storm."