Coronavirus - Help us to help you.

We have temporarily reduced our opening hours.  From Monday 8 June our Principal Office will be open Monday to Friday, 9am to 6pm and closed on Saturdays. Please be patient with us while we work hard to minimise the impact of COVID-19 on our services. We apologise for any inconvenience this may cause.

Due to unprecedented demand we are extremely busy at the moment and our service levels may be longer than normal.  We apologise for any inconvenience this may cause.

Key Temporary Criteria

  • Maximum LTV is 80%
  • We are now accepting new build applications up to max 80% LTV (60% for flats)
  • We have temporarily withdrawn all shared ownership products
  • We will consider furloughed applicants by referral only. Please contact us to discuss with full details of the circumstances before submitting an application
  • We are conducting desktop valuations on all applications up to 70% LTV that meet our AVM criteria. These can then progress to offer as normal. Applications above 70% LTV and those that do not meet criteria, will be progressed as far as possible and subject to a physical valuation before a binding offer can be issued. We are now instructing physical valuations in England & Wales

 

Thank you for your patience
The Melton for Brokers

THE INFORMATION ON THIS WEBPAGE IS FOR THE USE OF PROFESSIONAL INTERMEDIARIES ONLY

Holiday Let

23/08/2017

Gross rental income must cover the mortgage payment (calculated at the Society’s BTL stressed rate on an interest only basis) by a minimum of 130%. For the purpose of HBTL, gross rental income shall be;

  • In the case of an existing holiday let (purchase or remortgage), a minimum of one year’s gross rental income verified by an approved accountant, or
  • In the case of a new holiday let, confirmation of potential income and the % occupancy rate are required. These must be based on an average of low, medium and high seasonal data, received from a letting agent with relevant experience in the area of the property taking 80% as a maximum occupancy rate.

The property must be free of any planning restrictions that limits use to holiday home use only

Details of any company managing and/or marketing the property will be required

The requirement for an assured shorthold tenancy agreement is not applicable

Service Update

Due to unprecedented demand we are extremely busy at the moment and our service levels may be longer than normal.

We apologise for any inconvenience this may cause.