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  • We have temporarily withdrawn all shared ownership products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

Criteria

23/08/2017

The Society will consider residential applications where there is historic Impaired Credit/CCJ/IVA/Bankruptcy/Debt Management Plan/Debt Relief Order where these were settled more than four years ago*. Applications will not be considered where repossession has previously occurred. In addition, the following criteria regarding an applicant’s credit history will be considered:worst

Existing Homeowners Excluding Self Build applications – no missed mortgage payments in the last 2 years Existing Homeowners Excluding Self Build applications – have missed a mortgage payment in the last 2 years First Time Buyers/Self Build
Unsatisfied CCJs Not acceptable Not acceptable Not acceptable
Satisfied CCJs Total must not exceed £1,000 and they must have been satisfied for more than 3 years Total must not exceed £500 and they must have been satisfied for more than 3 years Total must not exceed £500 and they must have been satisfied for more than 3 years
Unsatisfied Defaults Not acceptable Not acceptable Not acceptable
Satisfied Defaults Total must not exceed £1,000 and they must have been satisfied for more than 3 years Not acceptable except defaults with communications suppliers which have been satisfied may be disregarded at the discretion of the mandator Not acceptable except defaults with communications suppliers which have been satisfied may be disregarded at the discretion of the mandator
Missed payments on unsecured commitments, credit card, mail order, communications supplier or similar Max worst status of 1 on current active CAIS in the last 6 months and a max status 2 in the last 2 years Max worst status of 1 on current active CAIS in the last 6 months and a max status 2 in the last 2 years Max worst status of 1 on current active CAIS in the last 6 months and a max status 2 in the last 2 years
Secured Arrears (mortgage and loans) No other credit issues, must be status 0 on current active CAIS for the most recent 6 months, max of 3 status 1 in last 2 years, max worst status 2 in last 2 years No other credit issues, must be status 0 on current active CAIS for the most recent 6 months, max of 3 status 1 in last 2 years, max worst status 2 in last 2 years No other credit issues, must be status 0 on current active CAIS for the most recent 6 months, max of 3 status 1 in last 2 years, max worst status 2 in last 2 years

* Buy to let applications will not be considered if there is any form of impaired credit.

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.