Metro Bank has launched what it calls “market-leading” five-year fixed mortgage rates.

The bank has reduced rates across its two, three and five-year fixed mortgages as well as two and five-year tracker products.

For residential mortgages under £2m, five-year fixed rates now start at 1.69%.

Rates for Metro’s two and three-year fixes are now available from 1.89% and its tracker mortgages now start from 1.84%.

The five-year tracker now also benefits from three-year early repayment charge.

Charles Morley, director of mortgage distribution at Metro Bank, said: “We’re here to show our broker partners and customers that we mean business.

“With increasing uncertainty about a potential rate rise, we want to give people peace of mind by providing competitive rates, alongside the flexibility to overpay by up to 20% per year.”

Metro Bank’s new mortgage rates are available from:

• 5-year fixed up to 65% LTV: 1.69%

• 5-year fixed up to 70% LTV: 1.79%

• 5-year fixed up to 75% LTV: 1.84%

• 5-year fixed up to 80% LTV: 1.99%

• 5-year fixed up to 85% LTV: 2.09%

• 5-year fixed up to 90% LTV: 2.59%

Jeremy Duncombe, director at L&G mortgage club, said: “This is another strong move from Metro Bank.

“Competitive rates like these, coupled with their hard work to deliver good service, means today’s news is likely to go down extremely well among brokers up and down the country.”

Last month, Metro Bank eliminated product fees for existing residential mortgage customers switching to a new product at the end of their term.