Coronavirus - Help us to help you.

From Monday 4 January 2021 our Principal Office will be open Monday to Friday, 9am to 6pm and 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  • We have temporarily withdrawn all shared ownership products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

The Melton for Brokers

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

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Income

23/08/2017

Applications with more than 2 applicants

  • If there are more than 2 applicants applying for the mortgage with the Society we will use 100% of the first 2 applicants’ income only, except where the additional applicants are immediate family members, in which case we will consider up to 4 incomes, subject to affordability
  • All applicants must be UK Tax Payers and resident the UK. In arriving at eligible income the following may be taken into account:
Basic Salary 100%
Shift Premium 100%
Stipend Income 100%
Private Pensions 100%
State Pension 100%
Invalidity and disability benefit 100%
Guaranteed overtime or bonuses 100%
Regular overtime/bonus/commission 50%
Second job 50%
Area Weighting allowance 100%
Car Allowance (only if guaranteed) 100%
Rental income (unencumbered properties) 100%
Rental income (encumbered properties) 100% of any surplus rent above 145% of the mortgage commitment
Maintenance payments (under court order) 100%
Maintenance with no court order 50%
Investment Income 50%*
Foster Care Income 100%**

average of the last two years provable income will be used to calculate the figure to apply the 50% to
** subject to satisfactory evidence/accounts and proof that there has been foster caring arrangements for at least 12 months

  • Where basic salary has been reduced because of salary sacrifice, the amount of income taken into account shall include the amount of salary sacrificed
  • Guaranteed overtime and bonuses must be evidenced by an employer’s reference. Where something is stated to be guaranteed the employer will be asked under what circumstances such payments would not be made
  • Regular overtime and bonuses must be evidenced by at least 3 months wage slips and the latest P60 or an employers reference
  • Commission paid in addition to a basic salary, which forms more than half of a person’s income may be taken into account at a rate of 50%, subject to the latest 3 months pay slips and last 2 years P60’s or an employers reference

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.