Metro Bank has made positive changes to its residential mortgage range.
From today, it has reintroduced 85% and 90% LTV on new five-year fixed rates.
The interest rates will be 2.99% for 85% LTV and 3.29% for 90% LTV, both with a £999 product fee.
However, customers who are either on or have been recently furloughed will not be accepted.
Other criteria include the following:
- Purchase or pound for pound re-mortgage only
- Maximum property value of £600,000
- All loans are subject to a physical valuation
- Applications for further advances over 80% LTV will not be accepted
- The product fee can be added to loan.
Charles Morley, director of mortgage distribution at Metro Bank, said: “We’re pleased to reintroduce these higher LTV rates on our five-year fixed rate mortgages. As physical valuations have returned – and our market gradually begins to reopen – we wanted to give greater choice to customers who can afford to borrow more, as well as those that are keen to step onto the housing ladder for the first time.”
