Metro Bank five-year fix at 3.09% likely to be withdrawn soon

by Aaron Strutt

Jul 21 2014

Metro Bank is offering one of the most competitively priced five-year fixed rate mortgages at 3.09%. It is available to a maximum of £1.5 million and it has a £999 arrangement fee.

Aaron Strutt, product manager at Trinity Financial, says: “Over the last few weeks a host of lenders have increased their rates and there is just one fixed rate available below 3%. Not long ago it was possible to fix in for five-years at around 2.5%.”

After the fixed rate period the mortgage reverts to the lenders standard variable rate, which is currently 4%. The APR is 3.7% and borrowers will be able to overpay 20% of the mortgage amount each year.    

If you are looking to raise £500,000 to purchase or remortgage a property, the monthly repayment on Metro’s five-year fix at 3.09% over a 25 year term would be £2,527. Or, £1,495 each month on an interest-only basis.

If you would like help to secure a leading mortgage, call Trinity on 020 7016 0790.