Melton Building Society will be making changes to its mortgage product range, including expansions in both the shared ownership and standard residential offerings. Additionally, the society has announced reductions in rates across multiple products.
For the standard residential category, under the discounted scheme, the DISC 067 will offer a 2-year discounted rate at 5.60% for 75% loan-to-value (LTV) mortgages with a £199 application fee. The DISC 068 variant, on the other hand, is available for 90% LTV at a rate of 5.65%, also carrying the same application fee.
In the fixed-rate section for standard residential products, the FIX 298 provides a rate fixed until 31 January 2029 at 5.69% for 90% LTV mortgages, with no associated fees. Meanwhile, the FIX 299 offers a fixed rate until 31 January 2026, 90% LTV, also without fees, but at a rate of 5.99%.
In the shared ownership category, the FIX 300 is available at a rate of 6.25%, fixed until 31 January 2026, for 90% LTV mortgages with a £199 application fee. The FIX 301 variant offers a rate of 5.89%, fixed until 31 January 2029, with similar LTV and fee structures.
The society has also presented options for scheme transfers. For standard residential properties, the STFX 192 is fixed until 31 January 2026 at 5.89% for 90% LTV. The STFX 193 offers a rate of 5.65% fixed until 31 January 2029 for 90% LTV. Lastly, the STDR 146 comes with a 2-year discounted rate at 5.55% for 75% LTV.
For shared ownership scheme transfers, the STFX 194 has a fixed rate of 5.85% until 28 February 2029 for 90% LTV. The STFX 195 is fixed at a rate of 6.20% until 28 February 2026 for 95% LTV, and the STDR 147 offers a 2-year discounted rate at 5.80% for 95% LTV.
These new changes come into effect from 1st November.
