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Metro Bank had withdrawn its 75 per cent LTV products in its core and interest-only ranges last week in order to reprice them.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.
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.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.