Coronavirus - Help us to help you.

From Monday 1 March 2021 Melton for Brokers will be open Monday to Friday, 9am to 5pm.  Our Lending Team is available 9am to 12pm on Saturdays. Key Temporary Criteria

  • Maximum LTV is 90%
  • We are now accepting new build applications up to max 80% LTV (60% for flats)
  • 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

The Melton for Brokers

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

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Expenditure

23/08/2017

Regular commitments in respect of loans, credit cards, hire purchase agreements, mail order, maintenance etc. will be deducted from income as follows:

  • Loans, hire purchase, maintenance – Annual payments made
    (Loans with less than 12 months to run may be disregarded, provided the aggregate monthly payment does not exceed 10% of net monthly income)
  • Credit cards and mail order commitments – 60% of outstanding balance (5% of outstanding balance X 12)
    Where the aggregate total of credit card and mail order balances is less than £1,000 – these may be disregardedWhere credit card balances are repaid in full each month – The amount should be covered by expenditure items rather than be deducted from income
  • Child care costs – will be included in the affordability calculation
  • Negative capital – For self-employed applicants, any negative capital disclosed in the accounts or accountant’s reference will be treated as a commitment
  • On other encumbered properties any shortfall (i.e. where the rental income is less than 145% of the borrowing commitment) will be treated as a commitment