100% LTV Product Launch!

Melton Building Society are offering brokers an exciting new 100% LTV mortgage product to support more first time buyers achieve their ambitions of home ownership. Designed to help clients with no deposit to take their first step onto the property ladder, this product balances practical lending criteria to widen accessibility to home ownership and responsible lending standards.

The product is available for first time buyer (FTB) purchases only, although unlike other products in the market, proof of rental payments are not required. Where an application is in joint names, Melton’s FTB definition needs to apply to just one of the applicants, provided neither applicant has an ongoing mortgage commitment in the background. This flexibility can be particularly helpful for couples where one party has previously owned but no longer holds a mortgage, or where family support is part of the purchasing journey.

Applicants must be at least 23, and a maximum age of 80 at the end of term, offering scope for a broad range of buyers. The product allows a maximum term of 40 years, offering flexibility to spread repayments over a longer period where appropriate, to tackle affordability challenges. Maximum loan value is £500,000, with the repayment basis being capital and interest.

The product is available on properties located throughout England and Wales. However, it is not available for new build houses or flats, so advisers should ensure clients are purchasing established residential properties that meet the Society’s lending policy.

Further details of our criteria can be found on our lending criteria page and our product guide contains details of the current products available.