Metro Bank has cut rates on its residential five-year fixed rate mortgages by up to 20bps.

For residential mortgages under £1.5 million, the new prices are as follows:

• Five-year fixed rate at 60% LTV, rates available at 2.84%
• Five-year fixed rate at 70% LTV, rates available at 2.99%
• Five-year fixed rate at 80% LTV, rates available at 3.39%
• Five-year fixed rate at 85% LTV, rates available at 3.69%

Paul Riseborough, managing director of customer propositions at Metro Bank, said: “Following our strong Q3 financial results which showed a year on year increase in total lending of 146%, we are now looking at the next phase of growth for our mortgage proposition.

“We want to build long terms relationships with our customers and these rates will benefit people looking for a longer term mortgage solution. Our customers and their needs always come first.”