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First Time Buyer Mortgages

First Time Buyer Mortgages from The Melton Building Society
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Choosing your first mortgage is an exciting time and we offer a choice of First Time Buyer Mortgages, including fixed rate and discounted variable rate mortgages, with deposits from as little as 5%.  At the Melton we know that one size does not necessarily fit all and you can rely on our friendly advisers to help you find a First Time Buyer Mortgage that may suit you best and guide you through the mortgage process.

Take a look at our First Time Buyer Mortgages:


Mortgage Product Maximum Loan to Value Initial Rate Followed by our Standard Variable Rate The overall cost for comparison Product Fees Deposit amount
3 Year Discounted Rate 2.29% 85% 2.29% 4.99% 4.5% APRC £398

Based on a £130,586 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 25 year term: 36 monthly payments at a variable rate of 2.29%, (£501.83) £18,065.88. 324 monthly payments at standard variable rate (currently 4.99%), (£681.58) £220,831.92. Valuation fee on property of £159,400, payable when you apply £240 (scale applies). Application fee payable when you apply £199. Completion fee payable at time of legal completion £199. 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 £240,070.80

3 Year Discounted Rate 2.59% 90% 2.59% 4.99% 4.5% APRC £398
3.35% 3 Year Fixed Rate 95% 3.35% 4.99% 4.8% APRC
3 Year Discounted Rate 2.79% 95% 2.79% 4.99% 4.6% APRC
Shared Ownership – 3 Year Discounted Rate 2.79% 95% 2.79% 4.99% 4.7% APRC
Shared Ownership – 3.59% Fixed Rate to 31 January 2022 95% 3.59% 4.99% 4.8% APRC
Shared Ownership – 3.99% Fixed Rate to 31 December 2023 95% 3.99% 4.99% 4.8% APRC

Buying your first home is an exciting time. As a leading financial services provider we’ve helped many first time buyers to purchase their homes with our low deposit mortgages and savings schemes.  We offer a choice of first time buyer mortgages, including fixed rate and discounted variable rate mortgages, with deposits from as little as 5%.

When looking for a mortgage, particularly for the first time, it’s helpful to be able to demonstrate to lenders that you can afford a mortgage by having a good track record of saving.  A good way of doing this is by taking advantage of the Melton Homesave account which is designed to encourage saving regular monthly amounts towards a deposit on a home.  You may then be eligible to apply for a Melton mortgage without having to pay an application or completion fee.

You only need a 5% deposit to apply for some of our first time buyer mortgages.  For example, if you are buying a home for £100,000 you only need £5,000 for a deposit for a mortgage with the Melton, plus some extra cash for solicitors’ fees and other costs.  How much you can borrow depends on your personal circumstances with affordability based on your income as a major consideration.  However, outgoings are equally important in assessing how much you can afford to borrow, so restricting your spending is a good thing when preparing to buy your first home.

Take a look at our current first time buyer mortgages above.  If you’re not sure how much you may be able to borrow for your first home, you can use our Affordability calculator and use our Mortgage Finder to search our mortgages.  To make an appointment with a Mortgage Advisor please call 01664 414141.  For further information read our Handy Guide to Buying Your First Home.