Metro Bank to cut mortgage rates by up to 0.5%

Metro Bank has cut rates across its range of residential products by up to 50 basis points and up to 30 basis points across the buy-to-let offering.

A two-year fixed rate up to 70 per cent LTV will be reduced from 2.99 per cent to 2.49 while a two-year tracker rate is now priced at 2.39 per cent, reduced from 2.79.

A rate of 3.19 per cent is offered on a two-year fixed for buy-to-let customers up to 65 per cent LTV – reduced by 30 basis points.

There is a flat product fee of £999 payable on all residential mortgages up to a loan amount of £1.5 million. Between £1.5 – £3 million the same rates are available while the product fee payable is 0.5 per cent of purchase price.

For the Buy-to-Let range, loans up to £750,000 are allowed. They have to a £1999 product fee and a 0.5 per cent fee for loans between £750,000 – £1m.

All products are available directly as well as through brokers.

Metro Bank director of mortgages Richard Saulet says: “This announcement demonstrates our ongoing commitment to grow our mortgage business.”