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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

Buy to Let Mortgages

Our Buy to Let mortgages are specially designed for people who want to invest in property to let out and generate income.

When you buy property as an investment, you won’t be able to fund your purchase with a normal residential mortgage. Instead, you’ll need a specialist buy to let mortgage.

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.

Choosing the right buy to let mortgage

At the Melton, we offer three types of buy to let mortgages:

Regulated buy to let

This type of mortgage is for a property that you or a member of your family will occupy either now or in the future.

Consumer buy to let

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.

Business buy to let

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

Top tips for successfully buying to let

Work out your budget

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.

Do your research

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.

Take a wider view

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.

Why we’re a great choice

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.

Take a look at our buy to let hub