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 1 September our branch opening hours will temporarily be: Monday to Friday 9am – 3pm.  We are currently 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.

Please note from Friday 24 July 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

Guide to Remortgaging

Remortgaging is where you move your mortgage from one lender to another by paying off the original mortgage with the proceeds of the new one, using the same property as security.

If you are with another lender and are looking to remortgage for a better deal, MAB can search for mortgages that could save you money.

Why remortgage?

There are three main reasons for remortgaging:

To reduce your monthly repayments by securing a cheaper mortgage

To release some of the value in your property for other spending such as home improvements

To find a more suitable product due to a change of circumstances

Things to consider

If you are nearing the end of your current deal or paying the standard variable rate, it’s a good time to start thinking about remortgaging.

You should start thinking about remortgaging three to six months before your current deal ends. However, it’s worthwhile reviewing your mortgage regularly anyway to ensure it continues to best suit your needs.

You can switch your mortgage at any time, but be aware that you may have to pay Early Repayment Charges (ERCs) if you are still within the term of a specific mortgage deal.

It is vital that you compare your current deal with any you might consider switching to and look beyond the headline interest rate

Before you start shopping around, speak to your existing lender to see if they can offer you a better deal.

How much will it cost?

The good news is there’s no Stamp Duty to pay. However, there may be a number of costs involved, including:

Product fees – these could be application and completion fees which will be a set charge or percentage of the loan amount. Some product fees can be added to the mortgage, others are payable when you make your mortgage application.

Legal fees – these fees will pay for a solicitor to cover conveyancing, surveys, arranging completion dates and the transfer of funds. Some lenders offer some products with no legal fees.

Valuation fees – you will also have to pay for a valuation of your property before your potential new mortgage provider will approve your application

Early repayment charge – if you pay off your mortgage early, when it is still within a specified mortgage deal.

How do I find the right deal?

Ask your current lender for a redemption quote (there may be a charge for this, so alternatively use your last mortgage statement). This will explain how much it would cost for you to pay off your mortgage, including any fees and charges that may apply. You will need to be able to borrow this amount from a new provider before being able to switch.

Shop around for the best deals

Speak to lenders directly and use comparison websites. If you don’t want to do the legwork yourself, you could use a mortgage broker such as Mortgage Advice Bureau who will search over 90 lenders to find the right mortgage for you.

When comparing mortgages, make sure you are comparing like for like:

    • Repayment (capital and interest) or interest only
    • The type of loan
    • The term of the loan
    • The period of the special rate
    • Maximum loan to value ratio (LTV)
    • Fees and charges
    • Additional features or conditions

Get your paperwork together

You may need:

      • Proof of your ID – passport or driving licence and National Insurance number
      • Proof of your address for up to 5 years – utility or council tax bills
      • Proof of your employment – P60/payslips/accounts
      • Proof of your financial situation – income, outgoings and assets (eg. bank statements)
      • Proof of your current mortgage – mortgage statement and redemption statement from your current lender.

Valuation
Your home will have to be re-valued. This usually involves your lender organising for a surveyor to visit, however, some lenders will simply undertake a desk top assessment or drive by valuation which doesn’t require a visit, but may still incur a fee.

Legal work
A solicitor or conveyancer is needed to carry out the legal work. Either your lender will instruct one or if you wish to use your own, they usually insist that they are on their approved list. There is less legal work involved in remortgaging than when you buy a house and some lenders offer fees assisted legal work on some products.

Insurance
You should already have insurance in place to protect your home. However, if you remortgage it’s a good time to review your cover, especially if the valuation indicates your property has increased in value. If you are borrowing extra money for home renovations or an extension, remember to make sure you have sufficient cover for both the buildings and contents of your new improved home.

It’s also a good time to review your future financial goals and plans for you and your family.

Search for your next mortgage with Mortgage Advice Bureau

To book an appointment please call 01664 494100 or take a look at our Mortgage Advice Bureau website where you can also see the latest deals, access mortgage calculators, meet the team, get expert advice and much more.