Metro Bank cuts product fee

Michael Lloyd

August 9, 2018

Metro Bank has refreshed its residential 5-year fixed range, reducing the product fee.

The product fee was cut from £999 to £499 for a 90% LTV at 2.44%, 85% lTV at 2.14%, 80% LTV at 2.04%, 75% at 1.99% and 60% LTV at 1.94%. Meanwhile for the 50% LTV deal at 1.89% the product fee was reduced from by a £1,000 to £499.

Charles Morley, director mortgage distribution, said: “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 for both customers planning to purchase their next home and also those looking to remortgage.”

Brian Murphy, head of lending at Mortgage Advice Bureau, added: “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.

“Combined with some truly excellent criteria more borrowers will be able to realise their ambitions to buy their first home, move house or refinance their existing arrangements.”

The news follows the bank increasing its switching procuration fee by 50% to 0.3% last month, as well as the release of its half year results, which revealed gross mortgage lending had grown by 59% year-on-year to £7.9bn.

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