Metro Bank has made changes to its residential and buy-to-let product ranges and has updated its criteria.

The challenger bank has reintroduced home purchase 75% loan-to-value products, with its lowest rate starting at 2.29% for a two-year fixed-rate offer, with a product fee of £999 and a maximum loan size of £1m.

In its BTL range, it has cut its five-year fixed-rate 80% LTV loan by 24 basis points to 3.05%, with a maximum loan size of £500,000, although the product fee has risen to £1,999 from £1,499.

The lender has also raised its BTL 75% LTV product fees to £1,999 from £1,499.

It has also lifted its 70% LTV two-year BTL product by 10bps to 2.89%.

The bank also says from today – 21 April – it will lift its standard variable rate in line with last month’s Bank of England base rate hike by 25bps to 0.75%. Metro Bank’s new standard variable rate for residential loans is 4.25% and 4.75% for BTL offers, both rise by 25bps.

It criteria change concerns variable income, and means that the lender will now accept 60% of bonus, or commission, or overtime from the last year’s P60 across all products. Previously, this percentage was 50%.