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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 8 June our branch opening hours will temporarily be: Monday to Friday 9am – 3pm (closed for lunch 12pm – 1pm).  We are currently closed on Saturdays.  Branch telephones will be open 9am to 4.30pm Monday to Friday.

From 8 June our telephone opening hours at Principal Office will be 9am – 6pm Monday to Friday.

We apologise for any inconvenience this may cause.

EMAIL SCAM EXPLOITING JOB RETENTION SCHEME

Please beware of the following phishing email scam – National Trading Standards have passed on an alert about a phishing scam based on impersonating correspondence from the Government’s Job Retention Scheme.

  • The scam involves phishing emails to companies about the scheme
  • The emails pretend to be from Jim Harra, First Permanent Secretary and Chief Executive of HMRC
  • The sender email address used is  no-reply@ncryptedprojects.com
  • the emails use Official HMRC branding, and the message asks for the bank details of the recipient.

An example message is provided below – the typos are the fraudsters’ own work:

“Dear customer, We wrote to you last week to help you prepare to make a claim through the Coronavirus Job Retention Scheme. We are now writing to tell you how to access the Covid-19 relief. You will need to tell your us which UK bank account you want the grant to be paid into, in order to ensure funds are paid as quickly as possible to you.”

NO EXCUSE FOR DOMESTIC ABUSE

According to data from the Home Office and charities supporting victims, the pressures of living under COVID lock-down have caused a rapid increase in cases of domestic abuse. Abuse can take the form of coercive control, deliberate neglect and verbal or physical aggression. It often involves economic abuse (coercive control of the victim’s finances to steal their money and / or deny them the right to spend it).  We’re supporting the Government’s campaign to raise awareness about help for victims of domestic abuse.  You can find further guidance on how to get help here: https://www.gov.uk/guidance/domestic-abuse-how-to-get-help

COVID-19 – ZOOM SCAM

Scammers are sending emails posing as the Zoom download manager asking the recipient to complete their download by clicking “next”, which releases malware when clicked. The only safe way to set up Zoom for personal use is to go on the Zoom official website and download it yourself.

COVID-19 – TEXT SCAM

Please beware of a new text scam purporting to be from the Government which informs the recipient via a text that they have been issued a £250 fine for leaving the house during the lock-down as the Government have been tracking their movements using their phone. The recipient is told that if they don’t pay immediately they will incur a heavier fine and encouraged to click on a link to make the payment which may deliver malware as well as taking the payment and their account details.

COVID-19 – FRAUDULENT EMAILS

During the coronavirus outbreak, many companies and organisations have sent emails containing COVID19 updates to their customers to make them aware of their current response and status. As these types of emails have now become increasingly frequent, criminals have started to use this familiarity to their advantage. These fraudulent emails, framed as a corporate COVID-19 response, contain malicious attachments and are targeting individual consumers and companies alike…

Emails may also be disguised as coming from a hospital that inform the recipient they may have come in contact with an individual who tested positive for COVID-19. The email instructs the recipient to download an attached Excel file, complete a form, and bring it to the nearest hospital. Once the attachment is downloaded, the malware has been activated and the attackers may be able to access your data.

Please keep in mind that typically, legitimate COVID-19 response emails have a message only in the body of the email and do not contain attachments.

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

Jargon Buster

mortgage info pages

A useful explanation of frequently used terms when applying for a mortgage

Buying a property and moving home can be difficult enough even if you have done it before, so you don’t want to be confused by the terminology used during the process. Here’s our simple guide to the jargon.

Download this information as a PDF document

Annual Percentage Rate of Charge (APRC) – The APRC is a single rate that takes into account the costs of setting up the mortgage, the interest rate applied over the mortgage term and how that interest rate is charged (annually, monthly or daily).

Bank of England Base Rate (BoEBR) – This is the rate which is set on a monthly basis by the Monetary Policy Committee (MPC) of the Bank of England and is the rate that it charges for its borrowing.

Binding offer – The Society will issue a binding offer once the underwriting is complete.

Completion – The point at which the mortgage money is released to remortgage your home or to buy your new home. Your solicitor or conveyancer will ensure that ownership is transferred to you.

Consumer Buy-to-let (CBTL) – 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.

Disbursements – The fees your solicitor has to pay to others on your behalf e.g.Stamp Duty Land Tax, Land Registry fees, search fees.

Electronic Transfer – This is the method by which your mortgage advance is paid to your conveyancer, solicitor or existing lender.

Equity – The positive difference between the value of your property and the amount of any outstanding loans secured against it.

ESIS – This document must be provided to you by law and shows you all the key information you need when choosing a mortgage. You can use it to compare different mortgages with different lenders.

First legal mortgage – Also known as a first charge mortgage. This means that the loan takes priority over any other borrowing secured on your property. If your property is sold the first charge will be paid off first.

Foreign currency lending – Lending where, at the start of a new contract, a customer is not a UK resident or relies on income or assets which are not in sterling to repay the mortgage. We do not offer foreign currency lending.

Lease – A document which grants possession of a property for a fixed period of time and sets out the obligations of both parties, landlord and tenant, such as payment of rent, repairs and insurance.

Loan – Sometimes called the advance. This is the actual amount of money that we agree to lend you.

Loan to Value (LTV) – This is the value of your loan as a proportion of your property’s value. For example, if you were purchasing a home for £100,000, and had a deposit of £15,000 then you would need to borrow £85,000. This would mean that you would require a mortgage product that offered an LTV of at least 85%.

Mortgage Discharge Fee – (sometimes called a Mortgage Exit Fee) A fee charged by the lender for releasing the legal charge over your property following repayment of a mortgage.

Mortgagee – The lender or institution which provides the funds for the mortgage.

Mortgagor – The borrower taking out the mortgage.

Portable – The process of transferring your current mortgage product to a new property when you move home on a ‘like for like’ basis. ‘Like for like’ means where your mortgage balance, mortgage term, mortgage repayment basis, loan to value ratio and mortgage type remain the same.

Redemption Administration – The process of removing the charge on your home on repayment of the mortgage with us.

Reflection period – This is a formal period of time which allows you to consider a mortgage offer. The reflection period does not affect how long your offer is valid for.

Repayment Strategy – This is the means by which you choose to pay off the capital on an Interest Only mortgage when the mortgage term comes to an end. You need to check with us to make sure that your chosen repayment strategy is acceptable to us.

Retention – If there are essential repairs required to be carried out on a property the lender may hold back some mortgage funds until the work has been completed. The retained funds will be released upon completion of the work.

Searches – For example, enquiries made at the Land Registry, the Land Charges Register and local authorities to ensure there is nothing to cause concern about the property.

Subject to Contract – A provisional agreement made between buyer and seller, before exchange of contracts, which allows either side to back out without penalty (England and Wales only).

Term – The length of time over which your mortgage loan is to be repaid.

Title – The legal right to ownership of a property.

Title Deeds – The documents showing the ownership of property.

Transfer Deed – The legal document which transfers ownership of registered land.

Vendor/Seller – The person(s) selling the property.