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  • We have temporarily withdrawn all shared ownership products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

Interest only

23/08/2017
  • Permitted on specific products – refer to product guide
  • Maximum LTV 60%
  • Minimum equity £175,000 (£250,000 where downsizing is the repayment strategy)

Repayment strategy:
Must be held in the UK in £ Sterling. Repayment strategies held outside the UK or not in £ Sterling are not acceptable

Endowment policy

  • Projection from the provider based on current value and contribution levels
  • The Group will use the projected value based on the lowest of the standard growth assumptions set down by the Regulator as the amount that can be used on interest only
  • Term must coincide with or mature before expiry of the mortgage term

Commutable sum from pension

  • Projection from the provider based on current value and contribution levels
  • The Group will use the projected value based on the lowest of the standard growth assumptions set down by the Regulator as the amount to be used to calculate the maximum cash lump sum that can be taken
  • Term must coincide with or mature before expiry of the mortgage term. It must be both legal and practical for benefits to be taken at the end of the mortgage term

ISA

  • Projection from the provider based on current value and contribution levels
  • The Group will use the projected value based on the lowest of the standard growth assumptions set down by the Regulator as the amount that can be used on interest only
  • Where the investment is a cash ISA (or other cash based deposit), a calculation should be carried out based on the current value and contribution levels to assess whether there is likely to be sufficient to repay the proposed interest only amount at the end of the mortgage term. The interest rate used in the calculation will be prudent
  • Term must coincide with or mature before expiry of the mortgage term

Realisation of other assets/Investment properties

  • Ownership and value of assets must be able to be established together with details of any encumbrances. The value of the assets subject to any encumbrances must be sufficient to repay the loan in full at the end of the mortgage term. Assets must be held in the UK in £ Sterling

Downsizing

  • Equity of at least £250,000 must be available in the property. Subject to assessment of feasibility based on full details of applicant’s plan to move including estimate of date, location and type of property the applicant intends to move to

For Buy to let applications, the repayment strategy could be sale of the property

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.