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Metro Bank chops rates to market-leading low

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The challenger bank has cut the cost of its two-, three- and five-year deals
Metro Bank chops rates to market-leading low

Metro Bank has reduced interest rates across its fixed and tracker rate mortgages, to record low levels.

The lender has chopped two-, three- and five-year fixed rates as well as its two- and five-year tracker products, on deals up to £2m.

The new five-year fixed rates start at 1.69% for borrowers with a large deposit of 35% of the property’s value or more, and go up to 2.59% for those with a modest 10% upfront.

The lender has also cut its two- and three-year fixes by up to 20 percentage points and they are now available from 1.89%. Two- and five-year trackers start at 1.89% for those with a 15% deposit.

Charles Morley, director of mortgage distribution at Metro Bank said: “With increasing uncertainty about a potential rate rise, we want to give people peace of mind by providing competitive rates, alongside the flexibility to overpay by up to 20% per year.”

Last month Metro Bank also chopped product fees for existing residential mortgage customers switching to a new product. 

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