Metro Bank improves its large mortgage rates
Metro Bank has lowered its residential mortgage rates by up to 1.05%.
For mortgages under £1.5 million, their new two-year fix is priced at 1.99% and it has a £999 arrangement fee.
The lender has also improved its two-year fix for mortgages between £1.5 million and £3 million. The rate is 2.29% and it has a higher £4,999 arrangement fee.
Borrowers will need a 30% deposit to access these rates and they will be able to overpay up to 20% of the initial amount borrowed per annum without charge. Both mortgages have an APR of 3.8%.
Trinity Financial director Anthony Emmerson says: “Metro Bank is offering some great fixed rates at the moment and we regularly arrange large mortgage loans through them.
“They are often able to help when borrowers receive their income through a trust and they have more complex structures.”
If you were to borrow £1 million on Metro Bank's lowest two-year fixed rate, the monthly interest-only payments would be £1,658.33 or £4,233.68 on a full capital repayment basis.
After the fixed rate period, these mortgages will revert to the lenders standard variable rate, currently 4%.
If you would like help to secure a mortgage, call Trinity on 020 7016 0790.
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