For residential mortgages under £1.5 million, the bank is reducing rates on its 2 year fixed rates by 30 bps and 2 year tracker mortgages by 40 bps. The new prices will be:
- 2 Year Fixed Rate at 70% LTV, rates available at 2.39%
- 2 Year Fixed Rate at 80% LTV, rates available at 2.69%
- 2 Year Fixed Rate at 85% LTV, rates available at 3.19%
- 2 Year Tracker at 70% LTV, rates available at 2.19%
- 2 Year Tracker at 80% LTV, rates available at 2.49%
- 2 Year Tracker at 85% LTV, rates available at 2.99%
Rates will also be reduced by up to 60 bps on Metro Bank’s Buy to Let range. These rates, previously available for a maximum loan size of £750k, will now be available for values up to £1 million:
- 2 Year Fixed Rate at 65% LTV, rates available at 3.19%
- 2 Year Fixed Rate at 75% LTV, rates available at 3.39%
- 5 Year Fixed Rate at 65% LTV, rates available at 3.99%
- 5 Year Fixed Rate at 75% LTV, rates available at 4.29%
- 2 Year Tracker at 75% LTV, rates available at 3.19%
For higher value residential mortgages (over £1.5 million), Metro Bank has replaced the previous 0.5% product fee with a flat fee of £4,999, leading to significant savings for customers.
