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.
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:
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.
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
Many buy to let mortgages are provided on an interest only basis. So in the short term, your outgoings will be less each month, but you’ll need to pay off the full loan or refinance at the end of your mortgage term.
You’ll need a deposit of at least 25% of the value of the property. The bigger the deposit you put down, the better the rate you may be able to get.
The amount of rent you can charge depends on the type of property you choose, how you furnish it, who you are attracting as tenants and the market at that time.
At the Melton, we offer three types of buy to let mortgages:
This type of mortgage is for a property that you or a member of your family will occupy either now or in the future.
These are mortgages for people who let out a property, but did not plan to and have become ‘accidental landlords’.
It happens when the property has been inherited or when the owner, having previously lived in the property, is unable to sell it and chooses to let it out.
This buy to let mortgage is suitable for when you purchase property purely as a commercial decision to generate income.
If you wish to invest in a holiday home or property to take advantage of holiday rental rates, we also offer a Holiday Buy to Let mortgage
Take a look at our current buy to let mortgages below:
| Mortgage Product | Maximum Loan to Value | Initial Rate | Followed by our Standard Variable Rate | The overall cost for comparison | Product Fees | Deposit amount |
|---|---|---|---|---|---|---|
| Holiday Buy to Let – Discounted Rate for Term 2.49% | 60% | 2.49% | n/a | 2.6% APRC | £798 |  |
|
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 2.49%, (£502.51) £120,602.40. Valuation fee on property of £438,200 payable when you apply £410 (scale applies). Application fee payable when you apply £199. Completion fee payable at time of legal completion £599. 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 £364,520.40 |
||||||
| Family Buy to Let – Discounted Rate for Term 2.99% | 60% | 2.99% | n/a | 3.1% APRC | |
|
| Consumer Buy to Let 2.19% Discounted Rate for Term | 60% | 2.19% | n/a | 2.2% APRC | |
|
| Business Buy to let – 2.19% Discounted Rate for Term | 60% | 2.19% | n/a | 2.2% APRC | |
|
| Family Buy to Let – Discounted Rate for Term 3.29% | 75% | 3.29% | n/a | 3.4% APRC | £598 |  |
| Holiday Buy to Let – Discounted Rate for Term 2.99% | 75% | 2.99% | n/a | 3.1% APRC | £798 | |
| Consumer Buy to Let 2.49% Discounted Rate for Term | 75% | 2.49% | n/a | 2.6% APRC | £399 | |
| Business Buy to Let – 2.49% Discounted Rate for Term | 75% | 2.49% | n/a | 2.6% APRC | £399 | |
Know how much you’ll have to spend before you start looking for a buy to let property.
Generally speaking, the minimum income requirement is usually £25,000 for a buy-to-let mortgage application. You’ll also need enough for a deposit so it makes sense to start saving. We can help with that – check out our savings accounts here.
Before you sort out the mortgage you’ll need to take some time to research the type of property you’re going to buy and the area it’s in. Are your ideal tenants young professionals or a family?
Some buy-to-let investors look for properties near where they live, thinking that it will be easier to keep an eye on it. It’s often a good idea to consider places with excellent commuting links. University towns make perfect sense if you’re focusing on a student let.
Consider properties that need improvement or renovation. This is an effective way of boosting the value of your investment.
Go and see properties at different times of the day, and take pictures or even videos on your phone so you can refer back to what you saw later, to compare with other potentials.
Whether you’re thinking about a new build, ex local authority, a student house or a holiday home, we can offer a range of buy to let mortgage options to suit your needs.
