Metro Bank reduces rates across mortgage range
Metro Bank is reducing its mortgage rates across its residential and buy to let mortgage range.
Prices will be reduced by up to 50bps across its residential range and up to 30bps for its buy to let (BTL) products.
At 70 per cent LTV, the 2 year fixed rate product for residential customers will reduce to 2.49 per cent (from 2.99 per cent), while the two year tracker rate mortgage price will be set at 2.39 per cent. For BTL customers, the two year fixed rate product will reduce to 3.19 per cent at 65 per cent LTV. The products are available to customers direct and through brokers.
The reduction in prices is part of Metro Bank’s wider commitment to further increase lending to personal and business customers. Yesterday’s FLS figures showed a 360 per cent increase in lending for the lender since June 2012, against flat industry lending growth over the same period.
Richard Saulet, director of mortgages at Metro Bank, says: “At Metro Bank our customers and their needs always come first. The announcement today demonstrates our ongoing commitment to substantially grow our Mortgage business by helping people buy their own homes. We are delighted to be able to reduce prices for our customers and are confident that this, combined with our ability to underwrite on a case by case basis, will continue to provide an exciting proposition for our customers and broker partners.”
All Metro Bank residential mortgage products offer free legal and valuation fees up to a maximum property value of GBP1m for re-mortgages.