Metro Bank refreshes product range increasing interest only flexibility

Metro Bank has introduced new initiatives to revamp its buy to let and residential mortgage offering, including a rate reduction of 30 basis points.

Another of Metro Bank’s initiatives is to revise the repayment strategy on its interest only mortgages.

The bank will now allow 50% of the property value, on properties valued above £2m, to be incorporated into the repayment strategy.

It has also introduced residential products of up to £5m, advising that mortgages above this amount will be considered on a case by case basis.

As part of the revamp, builder’s incentives of up to 5% of the purchase price are now accepted by the bank, at up to 85% loan to value (LTV) on residential houses and flats and 75% LTV on buy to let houses and flats.

Metro Bank’s latest range of three year fixed rates for residential and buy to let mortgages is also new to the market.

Charles Morley, Head of Mortgage Distribution, Metro Bank, said:

“These initiatives help to support our growth plans in the intermediary market throughout 2016. Metro Bank is committed to offering the very best in service and convenience and these developments are in direct response to us listening to our broker partners, and follows the launch of our mortgage switching portal, which pays procuration fees to introducers.”