First Time Buyer

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 during our business opening hours if you have any queries or to register to use our online services.

From Thursday 7 January 2021, our branch opening hours will be: Monday to Friday 9am – 1pm. Our Melton Branch will be open on Saturday 9am to 12pm. Our Grantham and Oakham Branches will be closed on Saturdays. Branch telephones will be open 9am to 4.30pm Monday to Friday.

Our telephone opening hours at Principal Office will be 9am – 6pm Monday to Friday and 9am to 12pm on Saturdays.

Please note visitors to our branches and Principal Office will be required to wear a face covering.

Thank you for your cooperation

EMAIL SCAM EXPLOITING JOB RETENTION SCHEME

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.

The scam involves phishing emails to companies about the scheme
The emails pretend to be from Jim Harra, First Permanent Secretary and Chief Executive of HMRC
The sender email address used is no-reply@ncryptedprojects.com
the emails use Official HMRC branding, and the message asks for the bank details of the recipient.

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.”

NO EXCUSE FOR DOMESTIC ABUSE

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

COVID-19 – ZOOM SCAM

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.

COVID-19 – TEXT SCAM

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.

COVID-19 – FRAUDULENT EMAILS

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.

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

Mortgage Advice Bureau will search the market to find the right mortgage for first time buyers

Finding the right mortgage can seem like a confusing process, especially if it’s your first time. MAB’s advisors will help you by cutting through the jargon, finding out what your mortgage needs are and searching across 1000’s of mortgages from over 90 lenders to bring you the right first-time buyer mortgage. They’ll compare all the mortgages that suit your needs and recommend the most suitable for you.

This isn’t just based on price, because cheapest doesn’t always mean it’s right for you. Instead MAB look at every detail, including individual features, costs and that all-important small print. They’ll explain all the different mortgage deals on offer in plain English and help you make the right choice for you.

If you’re thinking about buying your first house why not let MAB’s mortgage experts advise you on what to do. Simply call 01664 494100 or visit our Mortgage Advice Bureau website.

First time buyers Q & As

How much deposit do I need?

You only need a 5% deposit for some first time buyer mortgages.

Do I have enough money to buy a house?

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.

Can I apply for a first time buyer mortgage?

If you’ve never owned a property before, you should be able to apply for a first time buyer mortgage. A few rules apply.

You must be a UK resident
Your property must be in the UK
You must be at least 18 years of age

What's the best first time buyer mortgage?

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, self build and low deposit.

Useful tips for first time buyers

Show lenders that you’re in a great position for a mortgage. Having a good track record of saving will help.

The amount 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.

Shared ownership is popular with many first time buyers as you can buy a share in a property and rent the rest. Check out the benefits here.

A Help to Buy equity loan may be right for you if you are considering a new property and need some help with the deposit, find out more here.

If you’re interested in finding out more about mortgages for First Time Buyers MAB's mortgage experts can help you. Call 01664 494100, or take a look at our Mortgage Advice Bureau website.

Coronavirus - Help us to help you