Metro Bank has launched a range of 15% deposit residential mortgages designed to help borrowers with smaller deposits but also more complex income streams.
Their new two-year tracker rate is competitively priced at 3.39% and their two-year fix is slightly more expensive at 3.49%. Both rates have a £999 arrangement fee and a maximum loan size of £750,000. The APRs are 4%.
Most lenders offer 15% deposit mortgages, although Metro Bank often has more attractive acceptance criteria, particularly if borrowers are well paid but they have not been able to secure a mortgage on the high-street.
If you are able to raise a 30% deposit Trinity still has access to Virgin Money’s four-year fixed rate at 2.79%. It has a £995 arrangement fee and the maximum loan size is £1 million. The APR is 4.3%.
If you would like help to secure a best buy mortgage, call us on 020 7016 0790.
January 31, 2014