You are here: Home - News -

Metro makes wide-ranging product rate cuts

by:
  • 20/07/2017
  • 0
Metro makes wide-ranging product rate cuts
Metro Bank has cut rates across its two-, three- and five-year-fixed residential range, as well as its two- and five-year tracker products.

The bank said it has cut its five-year fixed rates to market-leading levels, while for its two- and three-year fixes, rates have been reduced by up to 20bps and are now available from 1.89%.

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

  • up to 65% (loan to value) LTV: 1.69%
  • up to 70% LTV: 1.79%
  • up to 75% LTV: 1.84%
  • up to 80% LTV: 1.99%
  • up to 85% LTV: 2.09%
  • up to 90% LTV: 2.59%* (this rate is only available directly in stores or through Legal and General Mortgage Club. Otherwise the broker rate is 2.64%.)

 

Tracker cuts

The bank’s two- and five-year trackers up to 85% LTV have also been cut by 10bps, with rates now starting from 1.84% with the five-year tracker including a three-year early repayment charge.

Metro Bank director of mortgage distribution Charles Morley said: “We’re here to show our broker partners and customers that we mean business.

“With increasing uncertainty about a potential rate rise, we want to give people peace of mind by providing competitive rates, alongside the flexibility to overpay by up to 20% per year.”

Legal and General Mortgage Club director Jeremy Duncombe added: “This is another strong move from Metro Bank. Competitive rates like these, coupled with their hard work to deliver good service, means today’s news is likely to go down extremely well among brokers up and down the country.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Partly-built home
Brokers rage at developer ‘incentives’

Intermediaries have slammed developers threatening to withdraw incentives on new-build properties if buyers do not use partner brokers, arguing it...

Close