Melton Building Society reduces rates on 95% LTV products

Melton Building Society has made changes to its mortgage product range in a move to support first-time buyers.

As part of a range of changes, the society repriced its residential 5-year fixed 95% loan-to-value (LTV) product down from 5.75 to 5.29%.

It also extended its product range to now include a 95% LTV Shared Ownership offering, priced at 6.00% with no application fees.

Jamie Hyland, head of product and marketing at Melton Building Society, said: “The Building Societies Association has recently published a review into the experiences of first-time buyers, concluding that it’s the most challenging it has been for some time for those looking to escape the rental sector and venture into homeownership.

“At Melton Building Society we recognise the challenges that first-time buyers face and as a mutual building society we are committed to helping those with aspirations of home ownership by providing a broader range of options for first-time buyers.

“The addition of our 95% LTV shared ownership product and the reduction on our standard residential products re-affirms our commitment to supporting a range of first time buyers achieve their ambitions of homeownership.”