Metro Bank has launched a range of new residential mortgage products across its higher loan-to-value bands, and increased the maximum loan amounts available.

The challenger bank now offers its 90 per cent LTV product as new two and three-year fixed-rate mortgages, priced from 3.19 per cent. The maximum loan size rises to £675,000 from £540,000.

The firm has made a number of rate cuts and boosts to loan sizes on these products since re-entering the 90 per cent LTV market in September 2020.

It also offers a new 85 per cent LTV range as two, three and five-year fixed options, with rates starting from 2.89 per cent. The maximum loan size for these products lifts to £850,000 from £510,000.

These loans are launched today.

From tomorrow (19 February), the lender will cut its stress test rate on five-year buy-to-let mortgages, from 4.5 per cent to 4 per cent.

Metro Bank director of mortgage distribution Charles Morley says: “The higher LTV market has been very active as of late with many lenders stepping back into the fold.

Metro Bank is proud to have remained in this market throughout, whilst reducing rates and expanding our product range in recent weeks.

“We’re listening to the needs of both our customers and our intermediary partners, delivering a substantial number of specialist upgrades and continuing to offer a range of products that are as individual as our customers are.”

By Roger Baird   18^th February 2021 11:56 am