Metro Bank enters rate war with 2.99% 5-year fix

Metro Bank is the latest to enter the late summer rate war by cutting its range of residential five-year fixed rates by 0.2 per cent.

Following the cuts, the challenger bank is now offering a 2.99 per cent five-year fix up to 60 per cent.

At 70 per cent LTV, Metro Bank now has a 3.19 per cent product and at 80 per cent LTV a 3.49 per cent deal is available.

Finally, the bank is offering a deal up to 85 per cent LTV at 3.79 per cent.

All of the products are available up to £1.5m and have a £999 fee.

A rate war has been taking place in recent weeks, with the likes of Barclays, NatWest Intermediary Solutions, Nationwide and Virgin Money all slashing their rates. And due to falling swap rates, a number of sub-3 per cent five-year fixed rates have emerged.