Mortgage bulletin for week commencing Monday 21 April

Posted 22 April 2014

Metro Bank has launched a new mortgage portal to be used by brokers and direct customers in Metro Bank stores, enabling online applications for residential and buy-to-let mortgages. Metro Bank broker partners will be able to self-register on the new system and complete full mortgage applications online, including a full affordability assessment in line with MMR criteria.

Richard Saulet, director of mortgages at Metro Bank, says: "The new online mortgage portal will make a big difference to our customers and broker partners, who will benefit from the enhanced technology. Most importantly, this is enhanced technology supported by a human touch, with manual underwriting continuing to be central to our offering."

Metro's range of mortgages includes a five-year fixed-rate product up to 60% loan-to-value (LTV) at 3.19% or up to 85% LTV at 4.09%. Both deals carry a product fee of £999 and allow an annual overpayment of 20% without penalty.

Meanwhile, the Post Office has launched its new range of mortgage deals in its latest challenge to the market, including a branch exclusive two-year fixed-rate mortgage with no arrangement fee targeting the re-mortgage market. This branch-exclusive deal has an interest rate of 4.25% and is available on loans up to at 90%.

Other deals include a 3.48% two-year fixed rate mortgage at 90% LTV with a fee of £1,495, a two-year fixed rate deal at up to 65% LTV with a £1,995 fee at 1.63% and a five-year fixed rate at 3.15% on loads up to 75% LTV with a fee of £995.

John Willcock, head of Post Office mortgages, says: "Post Office recognises what an important decision choosing a mortgage can be, that's why we work hard to provide extra assistance such as our dedicated mortgage specialists who are available in 100 branches to aid customers."

For those with a 40% deposit, The West Bromwich Building Society has a two-year fixed-rate mortgage for loans up to 60% LTV at 1.48%. The product is available for house purchase, re-mortgage or product switch and carries a booking fee of £199 and a completion fee of £2,300.

Abbey for Intermediaries is offering a two-year tracker with an initial rate of 1.79% at a maximum LTV of 60%. A booking fee of £995 is payable, and the product is available on loans up to £1m.

HSBC is offering a two-year fixed-rate mortgage at a rate of 1.59% for loans up to 60% LTV. The product is suitable for loans up to £500,000 for remortgage and house purchase and carried a booking fee of £1,999. The product has a completion fee of £999.

TSB is offering 1.54% fixed for two years on loans between £200,000 and £1m up to 60% LTV. A product fee of £1,995 is payable. A similar 60% LTV product with a reduced fee of £995, is available at 1.89% fixed for two years, on loans from £5,000 to £1m.

Furness Building Society is offering a rate of 1.50% on its discounted variable mortgage, for an initial period of two years on loans up to £500,000. The product has a completion fee of £999, free valuation and legal packages for remortgages and is available for loans up to 70% LTV.

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