THE INFORMATION ON THIS WEBPAGE IS FOR THE USE OF PROFESSIONAL INTERMEDIARIES ONLY
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Welcome to Melton’s Credit Repair Hub
At Melton Building Society, we understand that not all mortgage applications are straightforward.
We consider a broad range of client profiles, so if your client has had difficulty securing
mortgage finance due to adverse credit history, we may be able to help.
We have a range of mortgage products to help your client repair their credit history which may show evidence of:
• Missed payments
• IVAs or Debt Management Plans
• CCJs
• Bankruptcy
• Repossession
Melton Building Society is a responsible lender utilising a complete affordability process to assess
your client’s ability to repay a mortgage. We work with the intermediary market through our association with brokers
nationwide to help people buy their own homes.
How to Submit Business
Credit Repair applications can now be submitted using our standard application portal. You can register to use the portal by clicking on register at the top of the page.
Once you are registered you can use the login button, where you can access our Affordability Calculator, DIP, FMA and Document Upload services.
General Criteria for Credit Repair Products
| Near Prime Enhance | Near Prime | Credit Assist | Credit Recovery | |
|---|---|---|---|---|
| Secured Arrears | Maximum of 2 missed payments in the last 24 months (1 missed payment in the last 12 months, 0 in the last 6 months) | Maximum of 2 missed payments in the last 24 months (1 missed payment in the last 12 months, 0 in the last 3 months) | Maximum of 2 missed payments in the last 12 months (0 in the last 3 months) |
Maximum of 3 missed payments in the last 12 months (1 in the last 3 months) |
| CCJs | Maximum £500 in last 3 years and must be satisfied (0 in last 6 months) |
Maximum £1,500 in last 2 years and must be satisfied (0 in last 6 months) |
Maximum £4,000 in last 2 years and must be satisfied (0 in last 6 months) |
Maximum £6,000 in last 2 years and must be satisfied (0 in last 6 months) |
| Defaults | Maximum £500 registered in last 2 years and must be satisfied on or before completion | None registered in last 3 months | None registered in last 3 months | None registered in last 3 months |
| Bankruptcy | Not accepted | Not accepted | Discharged for 12 months or more | Discharged bankrupts |
| IVA/DMP | Not accepted | Satisfied for 12 months or more | Conducted satisfactorily and repaid on or before completion | Satisfied or conducted satisfactorily |
| Repossession | Not accepted | Not accepted | Accepted if more than 3 years ago | Accepted if more than 2 years ago |
Impaired Credit History
Under regulatory rules borrowers with an impaired credit history are those who meet any one of the following conditions:
- Arrears on a previous (or current) mortgage or other secured loans within the last two years, where the cumulative amount overdue at any point reached three or more monthly payments;
- Arrears on a previous (or current) unsecured loan within the last two years, where the cumulative amount overdue at any point reached three or more monthly payments;
- One or more county court judgement (CCJs), with a total value greater than £500, within the last three years;
- Being subject to an Individual Voluntary Arrangement (IVA) within the last three years;
- Being subject to a bankruptcy order at any time within the last three years.