Remortgaging

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

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.

Remortgaging doesn’t involve moving house, but it could save you money. If you want to find a new deal because your existing one is coming to an end, changing your current mortgage from one lender to another is a simple process. And while it may seem like a hassle, it really doesn’t have to be, particularly if you use the help of a mortgage broker.

Want a better deal on your current mortgage?

Mortgage Advice Bureau will search the market to find the right deal for you. They offer impartial advice and a dedicated advisor who will take you through every step.

Whatever your situation, if you have any questions or just want to see if you can get a better mortgage rate, their mortgage experts can advise you on what to do. Simply call 01664 494100 or visit our Mortgage Advice Bureau website.

Remortgaging Q & As

Can I remortgage more than once?

In theory you can remortgage as often as you like. However, you do need to consider the fees and charges and calculate whether it is worthwhile.

Will remortgaging affect my credit rating?

Each application you make for any type of credit is shown on your credit file. The more applications you make, especially if they are unsuccessful ones, the less likely it is that your next one will be accepted because it may affect your credit rating. All lenders will tell you if and when they check your credit rating.

What information is needed if I am self-employed?

Most lenders will require you to provide them with a minimum of 1 year and up to three years’ audited accounts, or proof of income from the Inland Revenue. If you cannot provide these, the lender will want to know why. If you are newly self-employed, consider using a specialist broker, as it may be difficult to get a deal, particularly at the rate you want.

My mortgage loan amount is very low, is remortgaging still worthwhile?

You will need to weigh up the costs (charges and fees) against the savings you will make in reduced payments, over the term of your loan. If you only have a small mortgage, you might be better off sticking with your current lender.

Can I remortgage to free up money for home improvements?

Providing you’re in a position to borrow extra mo ey when you remortgage, subject to status and affordability, you can do so for this reason. Many people do borrow more for home improvements when they remortgage and the added benefit is that you will probably increase the value of your home in the long term.

When I remortgage can I change to a repayment? (capital and interest)

Yes you can as you are starting a completely new mortgage. This would be an excellent time to reassess your financial situation and opt for a repayment mortgage giving you the peace of mind that you are paying off the capital as you go.

Some lenders may allow you to split your mortgage, so a part is on an interest only basis and part is on a repayment (capital and interest) basis.

What if the value of my home has changed?

If your home has increased in value during the period of your mortgage, you may be able to borrow more by releasing equity from your property for home improvements, to make a large purchase or consolidate debt, for example.

Remember though that the best remortgage deals are usually those with the lowest loan-to-value ratio so bear this in mind if you’re considering borrowing a higher percentage of your property’s current value.

Coronavirus - Help us to help you