Metro Bank launches new BTL product and reduces rates
Metro Bank has reduced rates by up to 50bps across its residential, near prime and buy-to-let ranges. As part of these changes the lender is also re-entering the 80% LTV buy-to-let market.
The new rates are effective from today, 14 November.
Charles Morley, director of mortgage distribution at Metro Bank comments: “As a specialist lender we work hard to ensure our products continue to meet the needs of both brokers and borrowers, whether that’s through our pricing, our market leading criteria or focus on customer service.”
The changes in detail:
Residential
For existing and new customers moving home, reductions on all two-year products of between 0.2 and 0.3%.
For existing and new customers requiring a large loan (over £1million), reductions of 0.1 to 0.2% on two-year products, with an LTV of 85% or less.
Metro Bank is also introducing a five-year 80% LTV product priced at 4.99% for both these products.
Near Prime
For new and existing customers with a less than perfect credit profile, our near prime range has been reduced by up to 0.5%.
Buy-to-Let
Rates have also been cut across Metro Bank’s two year and five year fixed Individual Buy to Let, HMO/MUFB and Limited Company BTL products by between 0.1% – 0.3%