Metro Bank has cut rates on its residential five-year fixed rate mortgages.

For residential mortgages under £1.5 million, the new rates will be:

• Five-year fixed rate up to 60% LTV, rates available at 2.29%
• Five-year fixed rate up to 70% LTV, rates available at 2.49%
• Five-year fixed rate up to 80% LTV, rates available at 2.79%
• Five-year fixed rate up to 85% LTV, rates available at 3.19%

Paul Riseborough, managing director of customer propositions at Metro Bank, said: “Following our strong Q1 2015 financial results, which revealed year on year growth in lending of 91%, we are now proud to be launching the next phase of growth for our mortgage proposition.

“We’re committed to providing our customers with products and services that suit their needs, as well as high levels of service and convenience, and the new rates will benefit those customers looking for a longer term mortgage solution.”