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.
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.
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.”
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
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.
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.
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.
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 | |
| Business Buy to Let – 5 Year Fixed Rate 2.55% | 75% | 2.55% | 4.99% | 4.3% APRC | £999 | |
| 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 | |
| Family Buy to Let – Fixed Rate to 30 November 2022 | 75% | 3.09% | 4.99% | 4.8% APRC | £598 | |
| Business Buy to Let – Fixed Rate to 30 November 2022 | 75% | 2.29% | 4.99% | 4.7% APRC | £598 | |
| Holiday Buy to Let – Fixed Rate to 30 November 2022 | 75% | 2.79% | 4.99% | 4.8% APRC | £598 | |
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.
