High street bank expands commercial range; mutual improves pricing on high LTV remortgages
Metro Bank has introduced a new commercial mortgage product offering up to 85% loan-to-value (LTV) on borrowing of up to £5 million, while West Brom Building Society has reduced interest rates on its 90% LTV remortgage deals.
Metro Bank’s new product is available to businesses that have been trading for at least two years. It follows the earlier launch this year of a 75% LTV commercial mortgage by the high street lender.
Each commercial client is assigned a dedicated banking manager at one of Metro Bank’s 75 branches. The bank said this model ensures access to tailored support, complementing its existing range of financial products, which includes business credit cards, invoice finance, and asset finance solutions.
“Commercial mortgages help businesses of all sizes to secure that next step in their growth journey,” said Mark Davies, director of commercial banking at Metro Bank. “We know that the benefits of owning your own premises can be transformational in securing the future of your business, and we’re thrilled to offer one of the most competitive products available as we become the UK’s best specialist lender on the high street.”
In a separate move, West Brom Building Society has dropped rates by up to 0.18 percentage points on its 90% LTV remortgage offerings, aimed at homeowners with less equity.
The two-year fixed rate deal with a £999 fee now stands at 4.69%, down from 4.81%. The fee-free version has been cut from 5.17% to 4.99%.
Reductions have also been applied to the society’s five-year fixed rate products. The £999 fee option has been lowered to 4.94%, while the no-fee alternative is now priced at 5.06%.
“We’re pleased to be reducing rates across our 90% LTV fixed remortgage range, supporting more recent homebuyers with a smaller level of equity in their homes, at a time when affordability remains a key concern,” said Aran Mann (pictured right), product manager at West Brom Building Society. “These changes underline our continued commitment to offering competitive products at higher LTVs.
“We also value feedback from our brokers who play a key part in helping us shape our products. We’ll continue to develop our offering to help give customers the best possible choice, whether that’s helping first-time buyers into homeownership, assisting those looking to move onto their next property or support to buy a new build.”
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