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Coronavirus - Help us to help you

We are working hard to maintain the best service we can for you. As you can imagine our telephone lines are exceptionally busy at the moment. So we are asking for your help too.

In the interests of the health of both our customers and our staff, please avoid visiting our branches unless necessary. Please telephone your local branch direct if you have any queries or to register to use our online services.

To reduce the risk to our branch staff and customers, from 1st April, branch opening hours will temporarily be reduced to 9am - 12pm Monday to Friday and closed on Saturdays.

We have also temporarily reduced our telephone opening hours at Principal Office to 9am - 3.30pm Monday to Friday and closed on Saturdays.

We apologise for any inconvenience this may cause.

COVID-19 – PROTECT YOURSELF FROM FRAUD

There is some evidence that criminals are attempting to use the current COVID-19 situation as an exploitation opportunity, so please be extra vigilant before clicking on an email about the coronavirus outbreak. If a claim sounds too good to be true, it probably is...

Criminals use exceptional circumstances like the current situation as a chance to pose as employees of a genuine organisation such as building society, bank or police and target you for fraud scams. They may claim they are dealing with coronavirus-related issues that require you to respond by paying money or providing personal information that will allow them to access your account. They often use pressure tactics to stop you thinking about want they want you do for them.

To help you stay protected, here are some things that we will never do:

  • Ask you to disclose your PIN number or other passwords for your accounts
  • Encourage you to move funds from your own account into a different “safe” account
  • Charge up-front fees for repayment holidays
  • Make home visits to collect mortgage arrears on your doorstep
  • Demand an immediate payment of mortgage arrears over the phone
  • Demand payment of mortgage arrears via email providing you with a link through which to make payments.

Please remain vigilant.

Stop – Take a moment to think.
Challenge – Don’t be afraid to ask questions or to say “No” and end the conversation.
Protect – Contact the building society or the bank from which you have made a payment immediately if you think that you have been the victim of fraud.

Coronavirus Update

We understand that some customers may be worried about the effect that contracting the Coronavirus (COVID-19) could have on their finances, for example due to a drop in income as a result of contracting the virus or because of the measures imposed to stop it spreading. If you have any concerns about how this could affect you and your mortgage, please click here to read the leaflet produced by the Building Societies Association and National Debtline or please get in touch on 01664 414141.

Please click here to see a list of Frequently Asked Questions for our members.

The Melton Building Society

Call us on 01664 414141 between 9am and 6pm Monday to Friday and 9am and 12pm on Saturdays
Our mortgages are available through independent mortgage brokers across England and Wales

Welcome to The Melton’s Buy to Let Hub

Our Buy to Let mortgages allow landlords to build a portfolio of up to three properties with a total borrowing of £500,000 with the Society. This page will give you a valuable insight into Buy to Let mortgages.

Buy to Let Calculator



Type of Buy to Let

Consumer Buy to Let – this is when you have lived in the property as your main residence or you inherit a property that was a main residence and then due to a change in circumstances you choose to let the property and you receive no other rental income. Intermediaries must hold appropriate FCA permissions Regulated Buy to Let – this is when you or a member of your family will at some stage be a tenant (this also applies to Holiday Buy to let where you or a family member expect to rent the property at some stage) Business Buy to Let – this is where the transaction does not merit either of the criteria above and is purely a business transaction to generate income and yield


ICR Calculation

The Melton’s standard ICR (Interest Coverage Ratio) calculation is 145% of the mortgage payment, calculated at the Society’s BTL stressed rate of 5.5% on an interest only basis. This calculation is reduced to 130% for our Holiday Buy to Let and £ for £ Remortgage products.


Income Requirements

Applicants must have a minimum earned income amount of £25k. This can be shared between joint applicants. Evidence of income is in accordance with our standard proof of income requirements.


Portfolio & Security

A maximum portfolio of 3 properties in total in mortgage to the Society or any other lender will be allowable to an individual or connected counterparty. The maximum amount that may be lent to any individual or connected counterparty is £500k in aggregate. The Society will not currently consider lending on leasehold properties. The EPC rating for the property must have a minimum of grade E.


Regulated Family Buy to Let

Many landlords who are looking to buy a property to rent to a family member will know it’s not easy, however at The Melton we offer a Family Buy to Let mortgage allowing just that. This mortgage is also available to customers who are intending on letting the property out to non-related tenants in the short term but moving in themselves at a later date.


Family Assist for Students

Our Family Assist for Students product allows parents to buy a property for their child to live in whilst attending higher education with the remaining rooms being let to other students or young professionals on a single AST. The ICR calculated will be based on the income derived from the remaining rooms, exclusive of the room occupied by the child. The property must be freehold, within a 15 mile radius of the higher education campus being attended and have a maximum of 3 bedrooms.


Holiday Buy to Let

Our Holiday Buy to Let mortgages continue to remain popular, especially due to the fact that we offer a regulated product allowing the applicant(s) to holiday in the property themselves. Gross rental income must cover the mortgage payment (calculated at the the Society’s BTL stressed rate on an interest only basis) by a minimum of 130%. For the purpose of HBTL, gross rental income shall be;
  • In the case of an existing holiday let (purchase or remortgage), a minimum of one year’s gross rental income verified by an approved accountant, or
  • In the case of a new holiday let, confirmation of potential income and the % occupancy rate from a letting agent with relevant experience in the area of the property, taking 40% as a maximum occupancy rate or the letting agents figure, if lower
The property must be free of any planning restrictions that limits use to holiday home use only. Details of any company managing and/or marketing the property will be required and the requirement for an assured shorthold tenancy agreement is not applicable.