Melton Building Society boosts maximum loan size across all LTVs
Melton Building Society have increased the maximum loan across all loan to values with effect from 24th May to support a broader range of borrowers with the challenges of rising house prices.
From 24th May the maximum loan size across the Melton Building Society’s loan to value range will increase.
For those borrowing between 75-80% LTV, maximum loan size will now be increased to £1m, 90% LTV, up to £750,000 and 95% LTV, can now borrow up to a maximum of £500,000.
For those looking to lend up to 75% LTV and in excess of the current maximum loan of £1m, the Melton will also be launching new 2 and 5 year products available up to £2.5m. These new products will be available on a capital and repayment basis or for those borrowing on an interest only basis will be available up to 60% LTV.
“At Melton Building Society we are always looking for ways to support a broader range of borrowers, whether that’s through our products, criteria or responding to client and broker feedback.” Said Dan Atkinson Head of Intermediaries at Melton Building Society.
“It’s well documented that house prices have gone through a period of sustained growth for a number of years now. It’s clear the impact this has had on buyers, particularly those buying in the south, who have been experiencing significant challenges with higher than average house prices. Our aim is to offer a broader range of clients the option of a mortgage with Melton Building Society, and we’re committed to helping prospective home owners and those looking to take their next steps on the property ladder.”
More details of the current product range and criteria at the Melton are available on their website themeltonbrokers.co.uk or by contacting the sales team on 01664 414144.