Metro Bank launches 95 per cent LTV mortgages

Metro Bank launches 95 per cent LTV mortgages

 

It has introduced a five-year fix deal available for purchases only at an interest rate of 3.89 per cent and a maximum loan size of £570,000.

The lender said it had also added a top-up option for existing homeowners and rate switch options for existing customers.

This week has seen a surge in 95 per cent mortgages added to the market as the government’s guarantee scheme launched, with Halifax, NatWest, Santander, HSBC and Barclays going live with their offers.

Metro Bank is not using the government’s scheme.

In February it re-launched its 90 per cent LTV mortgage range while last month it introduced mortgages for borrowers with credit problems which are available up to 80 per cent LTV.

Charles Morley, director of mortgage distribution at Metro Bank, said: “As one of the only lenders to consistently remain in the higher LTV market throughout the coronavirus pandemic, we’ve been working hard to launch into 95 per cent LTV residential mortgages.

“Our customers will benefit from a competitive five-year fixed rate. We’ve also been making a number of new hires across our mortgages business recently, offering specialist lending expertise as we look to appeal to a wider range of mortgage customers.”