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  • We have temporarily withdrawn all shared ownership products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

Help for Older Borrowers on Interest only Mortgages

16/03/2018

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 of the term, including switching to a lifetime mortgage. The Melton considers lending up to a maximum age of 80 at the end of the mortgage term subject to affordability assessment. Minimum equity requirement for this product is £100k.

“Customers with interest only mortgages face having to sell their homes if they can’t repay their mortgage at the end of the term,” says Nicola Alvarez, Director of Sales & Marketing, the Melton Building Society. “There is currently a gap between standard mortgage offerings and equity release mortgages. This new product provides an affordable, sustainable solution for older borrowers to reduce their interest only balances.”

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.