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The Melton Enters Help to Buy Market

21/01/2020

The Society is entering the Help to Buy market with the launch of two new Help to Buy mortgages for both purchase and remortgage, including staircasing, to support the growing number of first time buyers and existing Help to Buy homeowners who are facing affordability challenges:

• Help to Buy England and Wales – 5 year fixed rate 2.75% with no application or completion fees. Max LTV 75%
• Help to Buy London – 5 year fixed rate 2.69% with no application or completion fees. Max LTV 55%

For Help to Buy homeowners coming to the end of their interest free period, the Melton will consider Help to Buy remortgage applications in the following scenarios:

• Equity loan remortgage – where the full equity loan remains in situ
• Capital raising remortgage – when staircasing to pay off part of the equity loan
• Remortgage and fully repay equity loan – in line with the Society’s standard lending criteria

“Entry into this market reflects our commitment to helping first time buyers get onto the property ladder and ensuring our customers have relevant, good value options available to them,” says Dan Atkinson, Head of Sales and Marketing, the Melton. “Our Help to Buy mortgages also give choice to homeowners coming to the end of their existing Help to Buy scheme who might wish to remortgage to another lender or have the flexibility to pay off part of their equity loan.”