Melton Building Society have announced some forthcoming product changes. See below for details. For current product information, their intermediary website can be accessed here. REMEMBER, you can access the Melton product range using our Direct to Lender mortgage club so do contact us for further information.
Effective Tuesday 5th October 2021, the following fixed rate products will be launched.
We have taken the opportunity to reduce the rate and remove the £199 application fee from our current Shared Ownership product while rolling on the end date. We are also pleased to be launching a new 2.49% Fixed Rate at 90% LTV:-
Standard Residential Fixed Rate
FIX 162 – 2.49% 3 Year Fixed Rate to 31 January 2025, 90% LTV, No Fees. Not available for new build properties or flats. 3 Years’ ERCs, Min loan £150k. Fees Assisted Legals on standard remortgage.
Shared Ownership
FIX 161 – 3.79% Shared Ownership 5 Year Fixed rate to 30 November 2026, 95% LTS, No Fees, Min loan £100k, Free Basic Valuation
Withdrawn Product
FIX 158 (initial pay rate 3.99%)
Fees Assisted Legals for Remortgages
From 5th October 2021, our Fees Assisted Legals incentive will no longer be available for purchase transactions, only standard remortgage transactions. Our product guide wording has been updated to reflect this change.
Outstanding applications will be given a deadline of close of business on Tuesday 5th October 2021 for submission.
Effective Monday 11th October 2021, the following products will be launched with rolled on fixed rate end dates:-
Standard Residential Fixed Rates
FIX 163 – 2.09% Fixed Rate to 31 January 2024, 75% LTV, No fees, Fees Assisted Legals for Remortgages. 2 years ERCs.
FIX 164 – 2.25% Fixed Rate to 31 January 2024, 80% LTV, No fees, Fees Assisted Legals for Remortgages. 2 years ERCs.
Buy to Let
BTL 113 – 2.29% Buy to Let Fixed rate to 31 January 2024, 75% LTV, £199 App Fee / £399 Comp Fee
BTL 114 (initial pay rate 3.49%) Holiday Buy to Let Fixed Rate to 31 January 2024, 75% LTV. £199 Application Fee, £1,299 Completion Fee. 2 years ERCs. Non-Reg.
BTL 115 (initial pay rate 3.49%) Holiday Buy to Let Fixed Rate to 31 January 2024, 75% LTV. £199 Application Fee, £1,299 Completion Fee. 2 years ERCs. Regulated.
Withdrawn Products
FIX 152 (initial pay rate 2.09%)
FIX 151 (initial pay rate 2.25%)
BTL110 (initial pay rate 2.29%)
BTL111 (initial pay rate 3.49%)
BTL112 (initial pay rate 3.49%)
Outstanding applications will be given a deadline of close of business on Monday 11th October 2021 for submission.
MBS Lending
Effective Monday 11th October 2021, the following fixed rate products will be launched with updated end dates:-
Standard Residential
MBSL 158 – 3.49% Near Prime Enhance Fixed to 31 January 2024. 70% LTV. Fees £150 / £995, Max loan size £500k
MBSL 159 – 4.49% Near Prime Fixed to 31 January 2024. 70% LTV. Fees £150 / £995, Max loan size £500k
MBSL 160 – 5.49% Credit Assist Fixed to 31 January 2024. 70% LTV. Fees £150 / £1395, Max loan size £500k
MBSL 161 – 6.49% Credit Recovery Fixed to 31 January 2024. 70% LTV. Fees £150 / £1395, Max loan size £500k
Withdrawn products
MBSL 153 (initial pay rate 3.49%)
MBSL 154 (initial pay rate 4.49%)
MBSL 155 (initial pay rate 5.49%)
MBSL 156 (initial pay rate 6.49%)
Outstanding applications will be given a deadline of close of business on Monday 11th October 2021 for submission.