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From Monday 4 January 2021 our Principal Office will be open Monday to Friday, 9am to 6pm and 9am to 12pm on Saturdays. Key Temporary Criteria
The Melton for Brokers
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The Melton provides Retirement Interest Only (RIO) mortgages to help borrowers over the age of 65 who wish to either release some of the equity from their property for reasons such as making home improvements or to fulfil their lifestyle requirements, or to renew a standard interest only mortgage, enabling them to use the sale of their property as a suitable repayment method without a set end date.
RIO mortgages are repaid from the sale of the property following a life event which results in the property becoming unoccupied by the owner, such as death or moving into long term care.
Although our RIO application process is paper based, you will need to ensure you have registered to submit business with us through our online registration process. You can register here to complete this process. Once you have submitted your registration, our Broker Support team will action this within 4 working hours.
You can access our RIO Affordability Calculator here – affordability is assessed on a interest only basis and we will consider earned income if the customer is still employed at the point of application.
For joint applications, affordability will be assessed on a final survivor basis to ensure the mortgage remains affordable in the event of bereavement of either party. This will be based on the lowest of the individual applicant’s income.
At point of application |
At point of retirement |
Current earned income
Current state pension Current other pension income (defined contribution/benefits &/or private/personal*) Income from sustainable investments (including rental income) |
Projected state pension
Projected other pension (defined contribution/benefits &/or private/personal*) Income from sustainable investments (including rental income) Transferable pension benefits (for joint applicants) |
You can download or DIP form here – once completed, you can send this to our Broker Support team for processing. Please email the form to brokersupport@mmbs.co.uk. Once we have reviewed this and carried out a credit check, we will email confirmation of our decision.
Once you have received confirmation that the DIP has been accepted, you can complete our Residential Mortgage Application Form. You will also need to sign and return a copy of the RIO Intermediary Declaration alongside your application.
Please ensure your customer meets our Key Criteria listed above before submitting your application and provide the customer with our Customer Guidance Notes & FAQ’s.
If you have any questions you can call our Broker Support team on 01664 414144 or email us at brokersupport@mmbs.co.uk.
Our current range of mortgage products available for download in PDF format.
Download product guideGuidelines designed to give general guidance to mortgage brokers on the Melton’s lending criteria.
View Lending CriteriaView our range of helpful guides and literature.
Find out moreSearch our FAQs for any questions you may have.
Search our FAQ’sDue 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.