In support of the ever growing demand for later life lending, the Melton Building Society has launched a Retirement Interest Only (RIO) mortgage proposition. Offered through intermediaries, the new product is a 2.99% interest only discounted rate for term up to 50% LTV and is available to customers aged 65 and over. Income must be...
For the first time the Melton Building Society has launched a fixed rate buy to let product with a lower interest coverage ratio than its current product range. The new product has a 5 year fixed rate of 2.75% for business buy to let customers with an interest coverage ratio of 145% of the mortgage...
Jasmine Smith has been appointed as Business Development Manager at the Melton Building Society. Jasmine’s role will be dedicated to supporting key account partners as part of the Society’s continued commitment to our broker network. Jasmine joined the Society in July 2017 as a Mortgage Assessor. She previously worked at Oaktree Mortgages in Melton Mowbray....
As a direct result of feedback from our broker survey earlier this year, we have made a number of changes to improve our service to you. For example, our product transfer service is now available to intermediaries, we have also changed the way we assess rental income for holiday lets and added a new buy...
We have made a number of enhancements to our buy to let proposition: • Leasehold included – we will now consider leasehold as well as freehold properties for our Buy to Let mortgages up to a max LTV 60%. • Max loan size increased – we’ve increased our max loan size from £250k to £500k...
The Melton Building Society is further supporting the self build market with a change to its lending criteria to allow lending on Modern Methods of Construction (MMC) properties. The Society will now consider Huf Haus, SIPs, Timber Frame, Light Gauge Metal Framing and CLT Panels as construction types for its standard self build mortgages. “Modern...
The Melton has launched a new mortgage for borrowers aged 55 and over with an interest only mortgage. This product allows customers to remortgage on a part and part basis up to 75% LTV with a maximum 50% LTV interest only element. This product will allow borrowers to have repayment strategy options at the end...
The Melton has launched a new Product Transfer Service which means brokers can now offer the Melton’s internal scheme transfer mortgage rates to our existing customers. The service is available for both Society and MBS Lending products and the Melton will pay a procuration fee of 0.25% of the loan amount for all fully completed...
The Melton received seven accolades last year in four key industry awards – MoneyAge, What Mortgage, Moneyfacts and most recently, the Mortgage Finance Gazette Awards. “We are extremely proud to be recipients of these awards, including winner of Mortgage Provider of the Year in the MoneyAge Awards for the second year in a row,” said...
The Melton has launched a new pound-for-pound remortgage product for business buy to let customers only with a lower interest coverage ratio of 130% of the monthly mortgage interest payment. This product is calculated on an interest only basis using a stressed interest rate of 5.5%. The Melton considers lending to landlords with a portfolio...
