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%.)
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.”