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.
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 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:
Did you know you only need a 5% deposit for some of our first time buyer mortgages?
This tends to be one of the first questions we’re asked! While we’ll help you work out what you can afford, it’s important to remember that there are other costs involved with buying your first home. Things like solicitors’ fees, stamp duty and maintaining your home. It all starts with getting the right first time buyer mortgage and this is where getting advice is so valuable.
If you’ve never owned a property before, you should be able to apply for a first time buyer mortgage. A few rules apply.
There is no one size fits all answer; it all depends on your financial situation. The good news is that you will have some options, including variable and fixed rate mortgages, shared ownership and low deposit.
With self-build increasing in popularity, we’ve developed a Family Assist Self-Build mortgage where parents provide the deposit and have it returned as a final stage payment on completion of the build. We will lend to purchase the land as well as the build costs.
At the Melton, we look at each case on an individual basis and don’t use credit scoring.
You’ll find our current first time buyer 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 |
|---|---|---|---|---|---|---|
| 2.75% Fixed Rate to 31 May 2023 | 80% | 2.75% | 4.99% | 4.7% APRC |  |
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Based on a £131,092 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 30 year term: 27 monthly payments at a fixed rate of 2.75%, (£588.59) £15,891.93. 285 monthly payments at standard variable rate (currently 4.99%), (£737.94) £210,312.90. Valuation fee on property of £167,200, payable when you apply £240 (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. Total Amount Payable £226,979.83. |
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| 2.89% Fixed Rate to 31 December 2024 | 80% | 2.89% | 4.99% | 4.3% APRC | |
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| 3.05% Fixed Rate to 31 May 2023 | 90% | 3.05% | 4.99% | 4.8% APRC | |
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| 3.19% Fixed Rate to 31 December 2024 | 90% | 3.19% | 4.99% | 4.5% APRC | |
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| Shared Ownership – 3.69% Fixed Rate to 31 December 2024 | 95% | 3.69% | 4.99% | 4.7% APRC | |
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| Shared Ownership – 3.59% Fixed Rate to 28 February 2023 | 95% | 3.59% | 4.99% | 4.8% APRC | |
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| Shared Ownership – 3.19% Fixed Rate to 28 February 2022 | 95% | 3.19% | 4.99% | 4.8% APRC | |
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| Shared Ownership – 2.79% Discounted Rate for Term | 95% | 2.79% | n/a | 2.9% APRC | |
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