Metro Bank – Five-year fixed rate mortgage, 90% loan-to-value
This week, Metro Bank has made rate reductions across its 85% and 90% loan-to-value deals of 0.20%. The five-year fixed rate deal for those looking to borrow at 90% has dropped to 3.39% – one of the lowest rates now available in this sector of the market for those with the required 10% deposit or equity. Potential borrowers should be aware that there is a fee of £999, which needs to be paid upfront, and while there are also no further incentives on offer with this particular deal, this option still sits only marginally behind the market leader in this sector when assessed on a combination of rate and features. It therefore overall receives an Excellent Moneyfacts product rating.
Key product details:
- Rate: 3.39% fixed rate for five years
- Product fee: £999
- Maximum loan-to-value: 90%
- Available to: All borrowers
- Incentives: None
- Flexible features: Allows overpayments
- Lending area: England, Wales and specified postcodes in Scotland.
Santander – Five-year fixed rate mortgage, 60% loan-to-value
Among various updates to its range, those looking to purchase a property and who have the required 40% deposit may be pleased to note that the five-year fixed rate at 60% loan-to-value offered by Santander has seen a rate reduction this week. Dropping by 0.07% to 1.34% to 2.5.26, this product improves on its position – which is now only marginally behind the market leader. Furthermore, those hoping to keep costs for setting up a new mortgage to a minimum should note that the fee of £999 can be added to the advance, or paid upfront, and there is also an incentive available of a free valuation. This combination of features secures this product an Excellent Moneyfacts product rating.
Key product details:
- Rate: 1.34% fixed rate to 2.5.26
- Product fee: £999
- Maximum loan-to-value: 60%
- Available to: House purchase customers
- Incentives: Free valuation
- Flexible features: Allows overpayments
- Lending area: Great Britain and Northern Ireland.
