Metro Bank Launch New 5 Year, Fixed-Rate 95% LTV Mortgages
Metro Bank has launched a new 5 year, fixed-rate 95% LTV residential mortgage product, at a competitive rate for new purchases. There’s also a top-up option available for existing homeowners and rate switch options for existing customers.
The specialist lender is offering 95% LTV mortgages priced at 3.89% for borrowers looking to get on the housing ladder with a 5% deposit. The maximum loan size available is £570,000 with the mortgages being purchase only.
In recent months, Metro Bank has been delivering on its aim of becoming the nation’s number one specialist lender. It launched into near-prime residential mortgages in March, offering greater flexibility for borrowers who may be struggling to get a mortgage elsewhere, and it remains the only high street lender offering these mortgages. In February, the Bank reduced rates and increased maximum loan sizes on its 85% and 90% LTV mortgages.
Charles Morley, Director of Mortgage Distribution at Metro Bank, adds: “As one of the only lenders to consistently remain in the higher LTV market throughout the coronavirus pandemic, we’ve been working hard to launch into 95% LTV residential mortgages. Our customers will benefit from a competitive 5-year fixed rate. We’ve also been making a number of new hires across our mortgages business recently, offering specialist lending expertise as we look to appeal to an ever wider range of mortgage customers.”
Metro Bank offers residential and buy-to-let mortgages through both direct and intermediary channels and has already established itself as a top 20 lender. Brokers are supported by a national team of specialist business development managers, as well as a team of business development consultants who complement the head office-based broker help desk. Brokers also benefit from straightforward products, supported by a common-sense approach to underwriting, as well as a comprehensive online mortgage platform. Metro Bank always rewards the loyalty of their existing customers with their best deals and offer a no-hassle approach to switching.