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Metro Bank reduces SVRs

Jessica Nangle

March 20, 2020

Metro Bank is reducing its standard variable rate (SVR) for mortgages by 0.65% from 1 April 2020.

This follows recent base rate changes by the Bank of England to 0.1%.

A Metro Bank spokesperson said: “Following the Bank of England’s announcement that it has reduced the base rate to 0.1% from 0.25%, Metro Bank will reduce its Standard Variable Rate for mortgages in line with this, effective from 1 April 2020.

“This 0.15% reduction will be applied in addition to the 0.5% already announced after the Bank of England’s initial base rate cut, resulting in a 0.65% reduction from current rates.

“Products that are linked to the Bank of England base rate have already been reduced.

“We are currently reviewing our variable interest rate savings products and will update customers in due course.”

These changes mean that their residential SVR will be 3.60% whilst the buy-to-let SVR will be reduced to 4.10%.


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