Metro Bank cuts residential rates and launches new tracker

High street lender Metro Bank has reduced the rates on its three-year and five-year residential mortgage range.

It has also announced the launch of a new five-year residential tracker product up to 85% LTV at 1.94% with a three year early repayment charge.

“With interest rates at a record low, we’re seeing significant numbers of customers investigating their options and looking to make the most out of their mortgages,” says Charles Morley, director of mortgage distribution for Metro Bank.

Sally Laker, managing director of Mortgage Intelligence adds: “It is good to see that Metro Bank are offering a complete range of products for their customers to meet all attitudes to risk, particularly the five-year residential tracker, which is a popular product in the high-net-worth space.”

For five-year fixed residential mortgages under £2 million, the new rates available are:

- 5-year fixed up to 65% LTV: 1.84%

- 5-year fixed up to 70% LTV: 2.04%

- 5-year fixed up to 75% LTV: 2.14%

- 5-year fixed up to 80% LTV: 2.24%

- 5-year fixed up to 85% LTV: 2.34%

 For three-year fixed residential mortgages under £2 million, the new rates available are:

- 3-year fixed up to 75% LTV: 1.99%

- 3-year fixed up to 80% LTV: 2.04%

- 3-year fixed up to 85% LTV: 2.29%

Metro Bank recently announced that its residential mortgage customers can let their properties through Airbnb, and similar short-lets sites, for up to 90 days a year without prior approval.