Melton Building Society have increased the maximum loan across all loan-to-values (LTVs) with effect from 24th May to support a broader range of borrowers with the challenges of rising house prices.
For those borrowing between 75-80% LTV, maximum loan size will now be increased to £1m, at 90% LTV, up to £750,000, and at 95% LTV, can now borrow up to a maximum of £500,000.
For those looking to borrow up to 75% LTV and in excess of the current maximum loan of £1m, the Melton will also be launching new 2-year 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.
Dan Atkinson, head of intermediaries at Melton Building Society, said: “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.
“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.“
