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3.69% Fixed Rate to 31 December 2020

first time buyer mortgages the melton
Money Age Awards Winner 2016 - Moneyfacts  Award 2016 - Mortgage Finanace Gazette Awards 2017 WINNER

A fixed rate, low deposit mortgage is ideal for first time buyers and customers wanting to plan ahead and budget better without any unwanted surprises.  This type of mortgage offers certainty and stability for those who prefer to budget for a fixed period of time

If you apply to the Society for a ‘Fees Assisted Legals’ mortgage, the Society will pay for the basic legal costs in relation to the mortgage.  There will be additional costs that you need to pay together with the cost of any non-standard work that the Society’s solicitors or licensed conveyancers carry out beyond our ordinary checks.  Further information is available upon request – click here.

Loan to Value (LTV) A fixed interest rate of 3.69% to 31 December 2020 Then changing to our SVR for rest of mortgage term, currently The overall cost for comparison is
95% 3.69% 4.99% 4.8% APRC
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Based on a £158,865 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 35 year term: 40 monthly payments at a fixed rate of 3.69%, (£674.18) £26,967.20.  380 monthly payments at standard variable rate (currently 4.99%), (£791.33) £300,705.40.  Valuation fee on property of £167,820, payable when you apply £240 (see scale).  Application fee payable when you apply £199.  Completion fee payable at time of legal completion £199.  Telegraphic Transfer fee payable when you apply £25.  Mortgage Discharge Fee payable at the end of your mortgage £150.  Total Amount Payable £328,485.60.

Terms

  • Maximum LTV is 95%. LTV restrictions apply in London - contact us for details.
  • An Early Repayment Charge applies if overpayments exceed 10% of the balance at the start of each year, until 31/12/20: 3% of the amount repaid until 31/12/18; 2% of the amount repaid until 31/12/19; 1% of the amount repaid until 31/12/20.
  • Application fee £199
  • Completion fee £199
  • Other lending criteria may apply - details available on request.

Additional features

  • Make overpayments of 10% of the current balance each year without incurring early repayment charges
  • The Society will pay the Higher Lending Charge for mortgages between 75% and 95% LTV
  • This mortgage is fully portable if the property is sold within the scheme period (terms apply).  Please refer to our Portability Information Sheet.
  • 'Fees Assisted' legal services on a standard purchase or remortgage (terms apply)

Full Product Details

Working out your mortgage budget

It’s a good idea to know approximately how much you’ll have to spend before you start house hunting. The Melton’s mortgage advisors will help work out an affordability budget with you to give you an indication of how much you may be able to borrow.

Saving for your deposit

Opening a savings account can be a good way to save up for your deposit. Take a look at our range of savings accounts.

Finding your first home

Make friends with the agents. Calling and visiting your estate agents regularly will help ensure you’re the first to know when a hot new property hits the market.
Put aside a whole day, and do a number of viewings (six is the suggested maximum). Go on a weekday if you can – estate agents will give you more time than at the weekend.
Take your own pictures. These are much more useful than glossy agents’ shots. Film your visits on your phone, too. That way, you have something to refer back to.

We’re also here to help with:

Home insurance

We offer competitive buildings and contents insurance in partnership with Uinsure. Find out more.