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Metro Bank cuts five-year fixes to boost mortgage growth

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28/10/2014
Metro Bank has cut rates across its five-year fixed rate mortgage range starting from 2.84% available up to 60% loan-to-value.

At 70% LTV, customers can access a rate of 2.99% while borrowers with a smaller deposit can secure a five-year fixed rate at 3.39% up to 80% LTV and 3.69% up to 85% LTV.

Paul Riseborough, managing director of customer propositions, said the bank is focusing on its next phase of growth for its mortgage proposition.

“We want to build long-term 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.”

Metro Bank’s Q3 financial statement showed year-on-year growth in total lending, which includes mortgages, personal loans and business lending, of 146%.

The high street challenger bank, which launched in 2010, appointed ex-Kensington head of sales Charles Morley to lead its mortgage distribution in January.

It began using the intermediary channel to distribute its mortgages in 2013 through selected brokers including Tenet Lime and Legal & General.

 

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