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Metro and TSB reduce rates – round-up

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  • 24/06/2020
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Metro and TSB reduce rates – round-up
Metro Bank is reducing rates on its residential mortgages by up to 0.6 per cent and buy-to-let mortgages by as much as 0.2 per cent.

 

With effect from 5.30pm on Wednesday 24 June, the rates on its large loan residential mortgage range for new customers will be cut by 0.6 per cent while existing customers will see rate reductions up to 0.4 per cent. 

Rates will now start from 2.49 per cent. 

For new buy-to-let customers, the 75 per cent loan to value (LTV) range has been reduced by 0.2 per cent and now range from 2.44 per cent to 2.64 per cent. 

The bank has also introduced £199 application fees for existing residential and buy-to-let further advance applications. The fee is payable upfront and non-refundable. 

For new buy-to-let business, product fees have increased from £999 to £1,499.  

Brokers must submit applications for current products by 5.30pm today. 

A spokesperson for Metro Bank said: “We’ve made some changes to our range of mortgages.  

We remain as committed as ever to our mortgage customers and are confident that our products represent good value for both new and existing customers.” 

 

TSB reduces PT rates

TSB has reduced rates on its residential product transfer range, with reductions of up to 0.2 per cent. 

The bank’s two-year fixed product transfers at 75-85 per cent LTV have been cut by 0.2 per cent. 

At 75-80 per cent LTV, a two-year fixed now has an initial rate of 1.39 per cent with a £995 fee and 1.74 per cent with no fee. At 80-85 per cent LTV, rates are 1.44 per cent with a £995 product fee and 1.79 per cent with no fee. 

The five-year fixed product transfers at 80-85 per cent LTV have seen rates cut by 0.1 per cent and is now 1.84 per cent for the £995 fee option and 2.04 per cent for the fee-free equivalent. 

These changes are effective from 24 June.  

 

 

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