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From Monday 1 March 2021 Melton for Brokers will be open Monday to Friday, 9am to 5pm. Our Lending Team is available 9am to 12pm on Saturdays. Key Temporary Criteria
The Melton for Brokers
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.”