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Metro Bank chops mortgage product fees on five-year fixes

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  • 09/08/2018
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Metro Bank chops mortgage product fees on five-year fixes
Metro Bank has cut fees by up to two thirds on its five-year fixed rate mortgages.

 

The lender is now offering deals with rates that start from 1.89% at 50% loan to value (LTV) with a £499 product fee, down from £1,499.

For borrowers with a deposit of only 10%, the bank has a rate of 2.44% with a fee of £499, reduced from £999.

Charles Morley, director mortgage distribution at Metro Bank (pictured), said: “With the Bank of England base rate increasing last week, we have witnessed customers looking for the security afforded by longer term fixes.

“A reduced product fee, along with the same great rates and our comprehensive criteria, make our proposition highly attractive for both customers planning to purchase their next home and also those looking to remortgage.”

Metro Bank raised its product switching proc fee to 0.3% in July and expanded its professional mortgage range to dentists and vets.

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