Metro Bank has cut product fees on two thirds of its five-year fixed mortgage offerings.
The bank’s 90, 85, 80, 75, and 60 per cent LTV products have had their fees reduced from £999 to £499, while the 50 per cent fix has dropped from £1,499 to £499.
This move comes soon after Metro increased rates on a number of two- and three-year fixed rate deals, although it did contrast this with the introduction of lower LTV deals into its five-year range.
Metro Bank director of mortgage Distribution Charles Morley says: “With the Bank of England base rate increasing last week, we have witnessed customers looking for the security afforded by longer term fixes. A reduced product fee, along with the same great rates and our comprehensive criteria, make our proposition highly attractive.”
Mortgage Advice Bureau head of lending Brian Murphy says: “In introducing these positive changes to product pricing only days after the BoE base rate increase, Metro Bank have demonstrated that great value mortgage products are still very much in evidence.”