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Metro Bank slashes rates and launches five-year tracker

by: Heather Greig-Smith
  • 26/01/2017
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Metro Bank slashes rates and launches five-year tracker
Metro Bank has reduced rates on its three and five-year fixed residential range, as well as introducing a five-year tracker.

The rate cuts follow Metro’s August reductions, which at the time were the lowest five year fixes the bank had offered since it entered the market.

The residential tracker is available up to 85% loan to value (LTV) at 1.94% with a three-year early repayment charge.

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

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

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

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

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

Charles Morley (pictured), director of mortgage distribution at Metro Bank, said the reductions should benefit 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 decision to allow its residential mortgage customers to rent their properties through Airbnb, and similar sites, for up to 90 days a year without prior approval.

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