Metro bank reduces five-year fixed rate

John Hewitt Jones

August 18, 2016

Metro Bank

Metro bank has reduced rates on its five-year fixed rate residential mortgages.

The new prices include a rate of 1.99% for mortgages up to 65% LTV, 2.19% for mortgages up to 70% LTV and a rate of 2.49% available for up to 85% LTV.

Charles Morley, head of mortgage distribution at Metro Bank, said: “We’re delighted to announce a reduction across our five-year fixed rate mortgage range, benefitting those customers looking for a longer term mortgage solution. Our market leading rates will provide first-time buyers, homeowners on their lender’s SVR and those whose deal is coming to an end, with not just a potential great saving but piece of mind for the future.”

Mortgage lending grows despite approval drop

Jeremy Duncombe, director at Legal & General Mortgage Club, added: “Following the UK’s decision to leave the EU we’re pleased to see that the mortgage market remains buoyant. Metro Bank’s announcement is a clear reflection of a sector that’s open for business.

“The challenger bank continues to drive their proposition with competitive pricing, a robust manual underwriting process and a desire to build long-term customer relationship and we look forward to seeing more customer-focused products and services from the lender in the months to come.”

Founded in 2010, Metro bank announced quarterly growth in the bank’s lending earlier this year of more than £500 million.