"Metro Bank has decided to withdraw all mortgage products that track the Bank of England base rate for new customers."
Over the past two weeks, Bank Rate has reduced from 0.75% to 0.1% in response to the economic pressure of the coronavirus outbreak.
The Bank is reducing its standard variable rate by 0.65% from 1 April 2020. As a result, Metro Bank's residential SVR will reduce from 4.25% to 3.60% and it's buy-to-let SVR will fall from 4.75% to 4.10%.
A Metro Bank spokesperson said: “Following the Bank of England’s announcement that it has reduced the base rate to 0.1% Metro Bank has decided to withdraw all mortgage products that track the Bank of England base rate for new customers.
“This only applies to new customers and existing Metro Bank customers will not be affected. For pipeline applications where a full application has already been submitted and any applicable fee paid by the customer, they will remain eligible for the withdrawn products. We regularly review our product range to ensure that we provide great value and will continue to do so, alongside listening to customer and broker feedback.
"Metro Bank will reduce its standard variable rate for mortgages in line with this, effective from 1 April 2020. This 0.15% reduction will be applied in addition to the 0.5% already announced after the Bank of England’s initial base rate cut, resulting in a 0.65% reduction from current rates.
“Products that are linked to the Bank of England base rate have already been reduced. We are currently reviewing our variable interest rate savings products and will update customers in due course.”
