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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, branch opening hours have temporarily be reduced to 9am - 1pm Monday to Friday and 9am – 12pm Saturdays.

We have also temporarily reduced our telephone opening hours at Principal Office to 9am - 3.30pm Monday to Friday and 9am – 12pm Saturdays. We apologise for any inconvenience this may cause.

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.

Coronavirus Scams

The Society is aware of fraudsters using the Coronavirus outbreak to try and trick people into parting with their money. Here are four types of fraudulent activity that we are aware of:

  • Sales of ineffective protective face masks
  • Coronavirus-themed phishing emails with malicious links and attachments
  • Fraudsters sending texts and emails pretending to be from the World Health Organisation (WHO) claiming to be able to provide a list of infected people in their area. Please remember to be wary of links and attachments from unsolicited emails and texts and take care not to provide your personal or financial details
  • Posing as employees of a bank or building society. Please click here to read further guidance on how to protect yourself

Thank you for your patience.

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

Family Buy to Let – Discounted Rate for Term 2.99%

melton buy to let mortgages
Melton awards 2019

Our Family Buy to Let mortgage is specifically designed for renting your buy to let to a family member

Loan to Value (LTV) A variable rate with a 2.00% discount off our standard variable rate (SVR) for the term of the mortgage Then changing to our SVR for rest of mortgage term, currently The overall cost for comparison is
60% 2.99% n/a 3.1% APRC
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If you fail to keep up with payments on your mortgage a 'receiver of rent' may be appointed and your rental property, or other property used as security, may be repossessed

Based on a £242,175 mortgage, secured by first charge on the property, repaid on an interest only basis over a 20 year term: 240 monthly payments at a variable rate of 2.99%, (£603.42) £144,820.80. Valuation fee on property of £438,200 payable when you apply £410 (scale applies). Telegraphic Transfer fee payable when you apply £25. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Loan amount payable at the end of your mortgage £242,175. Total Amount Payable £387,940.80.

Terms
  • Maximum loan £500,000
  • Maximum Loan to Value (LTV) 60%.  LTV restrictions apply in London – contact us for details.
  • Minimum rental cover 145% of mortgage repayment (calculated using the Society’s Buy to Let stressed rate on an interest only basis)
  • An Early Repayment Charge applies if overpayments exceed 10% of the balance at the start of each year, within 5 years of completion: 5% during 1st year; 4% during 2nd year; 3% during 3rd year; 2% during 4th year; 1% during 5th year
  • Other lending criteria may apply – details available on request.
Additional features
  • No Application or Completion fees
  • Make overpayments of up to 10% of the current balance each year during the early repayment charge period without incurring early repayment charges
  • This product is fully portable if the property is sold within the scheme period (terms apply).
Additional restrictions to general buy to let terms
  • Individuals only, at least 25 years old
  • Minimum earned income £25,000 pa
  • Maximum portfolio of 3 properties in total
  • We only consider ex local authority houses where at least 40% has been transferred into private ownership
  • No multi-occupancy
  • Tenancy Agreements subject to approval for each amendment, i.e. tenants, rental amount etc, for which a fee of £75 is payable

Product Code: BTL 069

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.