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  • We have temporarily withdrawn all shared ownership products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

Valuation

23/08/2017

1. Society Standard
We will lend up to 75% of the land value and build costs with funds being released in arrears of each stage of the build, subject to a maximum of 75% LTV at each inspection

Typically the advance will be released in stage payments against an appropriate interim certificate from an architect, architectural technologist, structural engineer or RICS surveyor (minimum PI cover of £1m is normally required). Monies will normally be released at the following stages of construction with stage releases not exceeding £100,000 for any single stage release. The valuer appointed by the Society will be required to carry out reinspections at the following stages of construction (as a minimum):

  • Land with full planning permission and building regulations approval
  • Foundations
  • Wall plate
  • Wind and watertight
  • Completion

2. Society Advance
We will lend up to 85% of the land value and build costs providing it does not exceed 75% of the end value with funds being released in advance of each stage of the build

The first release for land will be made subject to receipt of outline planning permission

Full planning permission and building regulations will be required prior to release of any subsequent stage payments

For subsequent stage payments release will be made against an appropriate interim certificate from an architect, architectural technologist, structural engineer or RICS surveyor (minimum PI cover of £1m) and will not exceed £75,000 for any single stage release. The valuer appointed by the Society will be required to carry out reinspections at the following stages of construction (as a minimum):

  • Foundations
  • Wind and watertight
  • Completion

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.