Metro Bank has stated that existing residential mortgage customers will benefit from fee-free products when completing either a residential rate switch or further advance on loans up to £2 million.

The bank, which previously offered existing residential mortgage customers half price fees when transferring to a new product, has scrapped fees altogether following feedback from its intermediary partners.

Charles Morley, director of mortgage distribution at Metro Bank, said: “We want a relationship for the long-term with both our customers and broker partners, not just a short-term fling. That’s why we’ve abolished fees for existing residential mortgage customers.

“What’s more, not only can customers choose to switch up to three months early without incurring an early repayment charge, but with our mortgage switching portal it only takes a matter of minutes to change products, whether you’re a broker or a customer.”