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Metro Bank Mortgages

Metro Bank is a UK retail bank founded in 2010. It was the first new high street bank to launch in the UK for over 150 years. Metro Bank offers residential and buy to let mortgages to its customers.

    • 5.49% Initial
    • 5 year fixed
    • 7.6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 5.59% Initial
    • 5 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 5.69% Initial
    • 2 year fixed
    • 8.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 5.69% Initial
    • 5 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 5.79% Initial
    • 5 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 5.99% Initial
    • 2 year fixed
    • 8.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 6.19% Initial
    • 2 year fixed
    • 8.6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 6.39% Initial
    • 5 year fixed
    • 8% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 6.59% Initial
    • 5 year fixed
    • 8.1% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 6.69% Initial
    • 5 year fixed
    • 8.2% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Compare Metro Bank mortgages

Metro Bank offer two main types of mortgages – residential mortgages for home owners and buy to let mortgages for landlords.

They offer three types of repayment plans:

  • Interest only – pay back the interest on your loan monthly and pay off the capital when the mortgage term ends
  • Repament – pay the interest and some of the capital off monthly so the entire mortgage is paid off by the time it ends
  • Part repayment and part interest only – pay the interest and some of the capital each month, but the amount of capital you pay is less, so that you still end up with a lump sum to pay off when the mortgage ends

Homeowner mortgages

Metro Bank offer fixed rate and tracker mortgages to homeowners and prospective homeowners aged 18 or over for properties in England and Wales.

One key advantages of their mortgages is that you can pay off up to 20% of the capital every year with no early repayment charges. Overpayments above this limit will incur a charge equal to a percentage of the repaid amount.

Buy to Let mortgages

If you are aged 21 or over, already own your own home and are looking to buy property to rent out in England or Wales, Metro Bank may be able to help.

They offer buy to let mortgages for up to 10 rental properties as long as the monthly rental income on the property is equal to at least 125% of the monthly mortgage payments at a rate of 5.5%.

Remortgaging with Metro Bank

As interest rates and other considerations change over time, it can make sense to switch your current mortgage to a new one offering a better deal. This can allow you to pay off your old mortgage and end up with lower monthly repayments. It can also allow you to borrow more to fund home improvements or any other financial requirements you may have.

Loan to value ratio

Metro Bank offer mortgages with up to 85% loan to value (LTV) ratio. What this means is, they are willing to lend up to 85% of the value of a property being borrowed against. So, if you were looking at a house worth £100,000, you would potentially be able to borrow up to £85,000 as a mortgage from Metro Bank.

The available LTV on your mortgage will depend on the type of mortgage (for example, Metro Bank only go up to 70% LTV for interest only mortgages). In general, you will tend to be offered better interest rates on properties with a lower LTV.

Find the best deals on mortgage rates

If you are interested in comparing Metro Bank mortgages against those offered by other top providers, our mortgage calculator can help.

Simply head to the top of the page and plug in some basic details about your borrowing needs. The mortgage calculator will then show you the best deals we have selected from across the industry that match your requirements.

Independent Mortgage Advice

Remortgaging is particularly popular at the moment as interest rates are low.

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Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.

However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.

If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).

If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.