Metro Bank Slashes Rates on Fixed Rate Residential Mortgage Range

Metro Bank has today revealed that it is reducing rates on its 3-Year and 5-Year Fixed Residential range, as well as introducing a new 5-Year Residential Tracker.

For 5-year fixed residential mortgages under £2 million, the new rates available are:

• 5-year fixed up to 65% LTV: 1.84%
• 5-year fixed up to 70% LTV: 2.04%
• 5-year fixed up to 75% LTV: 2.14%
• 5-year fixed up to 80% LTV: 2.24%
• 5-year fixed up to 85% LTV: 2.34%

For 3-year fixed residential mortgages under £2 million, the new rates available are:

• 3-year fixed up to 75% LTV: 1.99%
• 3-year fixed up to 80% LTV: 2.04%
• 3-year fixed up to 85% LTV: 2.29%

The bank has also announced the introduction of a new 5-Year Residential Tracker up to 85% LTV at 1.94% with a three year Early Repayment Charge.

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 5 year residential tracker, which is  a popular product in the high net worth space.”

Charles Morley, Director of Mortgage Distribution at Metro Bank commented: “We’re pleased to announce a reduction across our 3-year and 5-year fixed rate mortgage range, as well as the addition of a new 5-Year Residential Tracker, benefitting those customers looking for a longer term mortgage solution. With interest rates at a record low, we’re seeing significant numbers of customers investigating their options and looking to make the most out of their mortgages.”

The news follows the bank’s pioneering move to support the sharing economy, by enabling its residential mortgage customers to rent their properties through Airbnb, and similar sites, for up to 90 days a year without prior approval.

Metro Bank is committed to offering the best in service and convenience to its customers. The bank underwrites mortgage applications on an individual basis to ensure that customers’ personal circumstances are taken into account. New customers benefit from a single, dedicated underwriter and brokers have the ability to submit applications through the bank’s online mortgage portal that pays proc fees. What’s more, Metro Bank does not sell bank assurance or insurance, allowing it to focus entirely on fulfilling customers’ mortgage needs.