At 70% loan to value the 2-year residential fix will reduce to 2.49% from 2.99% while the 2-year tracker rate will be set at 2.39%. For buy-to-let customers the 2-year fix will reduce to 3.19% at 65% LTV.
Richard Saulet, director of mortgages at Metro Bank, said: “At Metro Bank our customers and their needs always come first. The announcement today demonstrates our ongoing commitment to substantially grow our mortgage business by helping people buy their own homes. We are delighted to be able to reduce prices for our customers and are confident that this, combined with our ability to underwrite on a case by case basis, will continue to provide an exciting proposition for our customers and broker partners.”
The reduction in prices is part of Metro Bank’s wider commitment to further increase lending to personal and business customers.
Yesterday’s Funding for Lending figures showed a 360% increase in lending for Metro Bank since June 2012 against flat industry lending growth over the same period.
All Metro Bank residential mortgage products offer free legal and valuation fees up to a maximum property value of £1m for remortgages.