It also lowers rates across its BTL and residential product ranges
Metro Bank has reintroduced high loan-to-value (LTV) residential products and implemented rate reductions across its buy-to-let and residential product portfolios.
For its residential range, Metro Bank has launched a 95% LTV purchase-only option, featuring a two-year fixed rate at 5.99% and a five-year fixed rate at 5.79%.
It has also lowered rates for two-year fixes with rates now starting from 4.99% at 80% LTV, and five-year fixed rates starting from 4.79% at 80% LTV.
For the bank’s buy-to-let offerings, two-year fixed rates, starting at 3.99% with a 65% LTV and 5% fee, and five-year fixed rates, beginning at 4.59% with a 65% LTV and 5% fee, are now available.
The lender has also eliminated the 5.5% minimum stress rate requirement on five-year fixed rate products and all pound-for-pound remortgages. Instead, stress will be calculated at pay rate +0.5%. Detailed information can be found in the lender’s rental criteria guide.
“Affordability is often the biggest barrier to taking that first or next step on to the property ladder,” Charles Morley (pictured), director of mortgage distribution at Metro Bank, pointed out. “I hope that by introducing these changes today, we can help bring homeownership dreams a little closer to reality.”
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