Residential  

Metro Bank relaunches 90% LTV mortgages

Metro Bank relaunches 90% LTV mortgages
 Credit: Chris Ratcliffe/Bloomberg

Metro Bank has reintroduced 90 per cent loan-to-value mortgages to its residential range.

The lender is offering five-year fixed-rates, starting at 3.99 per cent, for customers looking to purchase or remortgage pound-for-pound.

Customers who are on, or have recently been furloughed, will not be accepted.

Applications for further advances above 80 per cent LTV will also not be accepted.

A maximum property value of £600,000 applies, with all loans subject to a physical valuation.

The products also carry a £999 product fee, which can be added to the loan.

Jeremy Cook, head of corporate relationships (mortgages) at Metro Bank, said: “We’re pleased to reintroduce our 5 year fixed rate mortgages at 90 per cent LTV.

“There are lots of customers with smaller deposits looking for a mortgage at the moment, and we’re thrilled to support them as they seek to get on the housing ladder or move home.”

David Hollingworth, associate director, communications at L&C Mortgages, said: "With the range of products at 90 per cent LTV in such short supply this is welcome news.

"Unlike many deals that have been understandably limited to first time buyers Metro Bank is also catering for purchase and like for like remortgages.

"It’s not pitched to be the lowest rate but with such limited availability for those with smaller deposits there is likely to be good demand and it would be no surprise if the product doesn’t hang around for long."

Lenders have recently been coming in and out of the high LTV market, with limited launches and product withdrawals after high demand.

chloe.cheung@ft.com

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