Metro Bank reduces rates across Residential and Buy-to-Let product range
Metro Bank has reduced rates by up to 40bps across its residential and buy-to-let product range. This includes the lender’s Near Prime and Large Loan residential range.
The new rates are effective from 5 February.
Charles Morley, director of Mortgage Distribution at Metro Bank commented: “As a specialist lender we’re constantly assessing the competitiveness and criteria of our product range, across both our residential and buy-to-let ranges. Today’s reprice is just one way we aim to meet the needs of brokers and borrowers, alongside our industry leading criteria and customer service.”
Metro Bank also announced last month that it has increased its income multiples to lend up to 6x income for eligible customers.
The changes in detail:
Residential
For existing and new customers moving home, reductions on all two-year products of 0.4%. Remortgages up to 95% LTV now available.
For existing and new customers requiring a large loan (over £1mn), reductions of 0.4% on two-year products, with an LTV of 85% or less.
Near Prime
For customers with a less than perfect credit profile, Metro Bank’s Near Prime range has been reduced by up to 0.3% for new and existing customers.
Buy-to-Let
For existing or new personal and Limited Company borrowers, Metro Bank has repriced its core Buy-to-Let range by up to 0.4%.