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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
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 payment, calculated on an interest only basis at 4%, making the rental income requirement less onerous. This new product has no application fee and a completion fee of £399.
“Landlords are increasingly looking for longer term fixed rates since they have reached an all time low,” says Dan Atkinson, Head of Sales and Marketing, the Melton. “The combination of a lower ICR calculation and fixed rate on this product makes buy to let from the Melton accessible to a wider range of landlords.”
The Melton offers a range of specialist buy to let mortgage products, including holiday buy to let and family buy to let and the Society accepts first time buyers, first time landlords and non-owner occupiers. Take a look at our Buy to Let Hub.