Metro Bank expands 95 per cent LTV range and cuts rates

Metro Bank expands 95 per cent LTV range and cuts rates

 

The lender has introduced a two-year fixed at 95 per cent LTV with a rate starting at 3.69 per cent and a three-year fixed with rates starting from 3.79 per cent. The products are available for purchase and pound for pound remortgage.

Metro Bank launched its 95 per cent LTV mortgages in April this year, initially offering a five-year fixed product with a rate of 3.89 per cent and a maximum loan size of £570,000.

The lender has also cut the rates on select 75 per cent LTV residential mortgages by up to 0.5 per cent, which is available for new lending and existing customers looking to switch rates, top-up or take a further advance.

The rate for its two and three-year fixed at 75 per cent LTV will start at 2.09 per cent, having previously started from 2.59 per cent.

For its five-year fixed products, rates will start from 2.24 per cent, having previously been set at 2.94 per cent.

Metro Bank’s head of mortgages Tony Davis said: “These changes will help us continue to assist our increasing range of customers and is a good example of us listening and responding to customer and broker feedback.”

The lender has been expanding its range in recent months, partnering with Churchill Expert to offer SME Insurance in February and launch a near prime mortgage range in March.

Metro Bank has also tripled its buy-to-let assured shorthold tenancy to 36 months and increased income multiples for its professional and high earner borrowers to 5.5 times income.