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Metro Bank slashes five-year fixes to record lows

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  • 19/08/2016
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Metro Bank slashes five-year fixes to record lows
Metro Bank has cut rates on its five-year fixed residential range by up to 0.30%, with its 65% loan-to-value (LTV) now at a market-leading rate.

Rates have been reduced across five-year fixes ranging from 60% loan-to-value (LTV) to 85% LTV and are available to first-time buyers and existing homeowners. The rates are the lowest Metro Bank has offered for products of its kind since the bank launched.

Metro’s 60% and 65% LTV are now available at rates of 1.99%, a reduction of 0.10% for 60% deals and 0.30% for its 65% LTV products.

The remainder of Metro Bank’s refreshed range is as follows:

  • Five-year fixed rate up to 70% LTV, rates available at 2.19%
  • Five-year fixed rate up to 75% LTV, rates available at 2.29%
  • Five-year fixed rate up to 80% LTV, rates available at 2.39%
  • Five-year fixed rate up to 85% LTV, rates available at 2.49%

Charles Morley, head of mortgage distribution at Metro Bank, said: “Our market leading rates will provide first time buyers, homeowners on their lender’s SVR and those whose deal is coming to an end, with not just a potential great saving, but piece of mind for the future.”

Jeremy Duncombe, director, Legal & General Mortgage Club, added: “Following the UK’s decision to leave the EU, we’re pleased to see that the mortgage market remains buoyant, with Metro Bank’s announcement a clear reflection of a sector that’s open for business.

“The challenger bank continues to drive its proposition with competitive pricing, a robust manual underwriting process and a desire to build long-term customer relationship and we look forward to seeing more customer-focused products and services from the lender in the months to come.”

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