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Metro Bank adds 75 per cent LTV products and changes criteria

Anna Sagar
Written By:
Posted:
April 21, 2022
Updated:
April 21, 2022

Metro Bank has reintroduced its residential products at 75 per cent loan to value (LTV), cut select buy-to-let rates and product fees and changed criteria around income.

In its residential range, the lender has brought back its 75 per cent LTV products with rates now starting from 2.29 per cent.

Metro Bank had withdrawn its 75 per cent LTV products in its core and interest-only ranges last week in order to reprice them.

On the buy-to-let side, the bank has cut products at 80 per cent LTV by 24 basis points to 3.05 per cent. The five-year fixed rate has a maximum loan size £500,0000.

The product fees for its 75 per cent LTV products in the range have been reduced to £1,999.

It has also repriced its two-year products at 70 per cent LTV by 10 basis points to 2.89 per cent. It has a maximum loan size of £2m as well as a £1,499 product fee.

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The lender added that it will accept 60 per cent of bonus, commission and overtime income from the last year’s P60.

Metro Bank said that from tomorrow it would change its standard variable rate, which would stand at 4.25 per cent for residential products and 4.75 per cent for buy-to-let products.