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Metro Bank cuts mortgage fees for product transfers

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  • 10/12/2019
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Metro Bank cuts mortgage fees for product transfers
Metro Bank has removed product fees on residential mortgages for existing customers and reduced fees on buy-to-let (BTL) remortgages.

 

The residential offer lets existing customers switch products up to three months early without incurring early repayment charges.

The buy-to-let offer discounts product fees by £500 for all remortgage customers.

The residential range comprises two-, three- and five-year fixes and two- and five-year trackers, with loan sizes ranging from £500,000 to £2m. Product rates will continue to match those offered to new customers.

“These changes underline our commitment to supporting existing customers and helping meet their lending needs into the future,” said Andy Piggott, director of lending products at Metro Bank.

 

New CEO hunt

Last week the lender announced that CEO Craig Donaldson would be stepping down at the end of December after a difficult year for the bank.

In October founder and chairman Vernon Hill left the business with immediate effect after facing pressure from shareholders.

The lender was also forced to sell its retail buy-to-let loan book for £521m, and it had to raise £375m from shareholders following an investigation by regulators that found the bank had not correctly risk-weighted its loan portfolio.

Dan Frumkin, who joined Metro Bank in September 2019 as chief transformation officer, has been appointed to the board as Interim CEO from 1 January 2020, subject to regulatory approval.

Donaldson, who has been CEO since 2009, will remain available to the board as an adviser until the end of 2020.

 

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