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Metro Bank increases mortgage pricing, fees and BTL stress rate

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  • 09/08/2022
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Metro Bank has made a raft of changes to its mortgage range including the increasing of select rates and product fees.

The bank has increased rates across its buy-to-let range as well as in its core, large loans, remortgage only, near prime and professional residential products. 

The product fee across its core, remortgage only, near prime and professional residential products has gone up from £999 to £1,999. For buy-to-let borrowers, the bank has added a one per cent product fee to mortgages which can be added to the total mortgage amount. 

It has also raised the stress rate on its five-year fixed buy-to-let mortgage to 5.5 per cent at 140 per cent of the mortgage interest amount. This was previously four per cent up to 75 per cent loan to value (LTV) and 4.5 per cent up to 80 per cent LTV. 

Changes will come into effect from 5.30pm on Wednesday 10 August. Cases must be fully packaged and submitted by this time to secure current products. 

A spokesperson for Metro Bank said: “Rates are increasing by differing amounts across our product range, alongside an increase in the buy-to-let rental calculation, with new rates available and published on sourcing systems from 11th August.”

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