First-time Buyers

Metro Bank cuts mortgage rates and launches new range of large loans

Owain Thomas
Written By:
Owain Thomas

The new lower rates are available on deals up to 90% of the property’s value

Metro Bank has cut rates across its 90% loan-to-value (LTV) mortgages for residential, buy-to-let (BTL) and large loans.

It has also launched a large loan range for properties up to £10m and upped rates on residential two- and three-year fixed deals.

For residential mortgages under £2m, the bank has reduced its five-year fixed rate up to 90% of the property’s value by 0.10% to 2.54%.

Rates for residential two- and three-year fixes have marginally increased, and the five-year fixes at 65% and 70% loan-to-value have been withdrawn, with rates now starting from 1.84% at 75% LTV.

Buy-to-let and large loans

Rates for buy-to-let mortgages under £2m have been reduced by up to 0.40%, with rates starting at 2.59% at 65% loan-to-value and 2.69 at 75% LTV.

The large loan range for loans up to £10m, with rates now available from 1.99% for a two-year fix at 70% LTV.

The bank has also reduced rates across its existing large loan range by up to 0.30% and cut application fees from £4,999 to £1,999.

Metro Bank director mortgage distribution, Charles Morley, said: “Today’s announcement demonstrates the breadth of our mortgage range. We’re here to support everyone, whether you’re a first-time buyer looking to get your foot onto the property ladder through our joint-borrower sole-proprietor mortgages; a landlord wishing to benefit from our use of top-slicing; or a customer needing a choice when it comes to obtaining a larger loan.”