Melton Building Society has returned to the 95% loan-to-value (LTV) market having recently launched a new platform with mortgage technology provider Mast.
The new platform is the result of an upgrade to its partnership with the mortgage technology provider, who power the mutual’s loan origination infrastructure.
The society’s partnership with Mast hails back to 2021, when MBS Lending, a subsidiary of the Melton Building Society, partnered with Mast to revamp its technology infrastructure by introducing its online application portal for mortgage applications.
The society extended these improvements to its entire product range, launching the improved platform earlier this week.
Dan Atkinson, head of intermediaries at Melton Building Society, said: “The launch of our new mortgage origination platform will provide brokers and their clients with a better experience at every stage of their application with the Melton.
“We understand the pressures and frustrations that brokers are experiencing in today’s challenging mortgage market and the new platform has been developed with brokers in mind. The new system will remove cumbersome and time-consuming manual processes to offer brokers a better experience when submitting an application with the Melton.”
He added; “Our vision is to build a modern mutual society that keeps pace with the demands of our members and intermediary partners.
“And our ongoing digital transformation has and will continue to play a critical role in this.”
Joy Joseph Abisaab, Mast CEO added “We are thrilled to play a significant part in supporting Melton Building Society in its digital transformation journey.
“At Mast, we are committed to providing innovative mortgage technology that empowers lenders to enhance their customer experiences and streamline their operations.
“Having listened to the needs of brokers and to mark the launch of the new platform the society has returned to the 95% LTV market with a 5-year fixed rate with no fees at 5.75%.”
Jamie Hyland, head of product and marketing, added: “We sympathise with the challenges buyers have been facing over the past few years, with soaring house prices and the cost-of-living crisis putting extra pressure on those saving for a deposit.
“We hope that by re-introducing 95% LTV products to our product range that we can offer those with smaller deposits an opportunity to achieve their aspirations of home ownership.”
He continued: “This launch marks the introduction of our new mortgage origination platform, which will help us to bring new products to market quicker, enabling us to be agile and swiftly respond to the market and customer needs keeping our product range attractive to both brokers and clients alike.”
