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Call us on 01664 414141 between 9am and 6pm Monday to Friday and 9am and 12pm on Saturdays

3 Year Discounted Rate 2.59%

moving home or mortgage the melton
Money Age Awards Winner 2016 - Moneyfacts  Award 2016 - Mortgage Finanace Gazette Awards 2017 WINNER

Ideal for first time buyers and customers looking for a low deposit mortgage.

Loan to Value (LTV) A variable rate with a 2.40% discount off your standard variable rate (SVR) for 3 years Then changing to our SVR for rest of mortgage term, currently The overall cost for comparison is
90% 2.59% 4.99% 4.5% APRC
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Based on a £197,500 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 26 year term: 36 monthly payments at a variable rate of 2.59%, (£870.55) £31,339.80. 276 monthly payments at standard variable rate (currently 4.99%), (£1103.12) £304,461.12. Valuation fee on property of £226,800, payable when you apply £260 (see scale). 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 £336,993.92

Terms

  • Maximum LTV is 90%. LTV restrictions apply in London - contact us for details.
  • An Early Repayment Charge applies if overpayments exceed 10% within 3 years of completion: 3% during 1st year; 2% during 2nd year; 1% during 3rd year
  • Application fee £199
  • Completion fee £199
  • Other lending criteria may apply - details available on request.

Additional features

  • Make overpayments of 10% of the current balance each year without incurring early repayment charges
  • The Society will pay the higher lending charge up to a maximum of 90% LTV
  • This mortgage is fully portable if the property is sold within the scheme period (terms apply)
  • Option to link to Offset Share account up to 20% of current mortgage balance (terms apply)
  • Option to switch to a Fixed Rate product (subject to availability)

Full Product Details

Working out your mortgage budget

It’s a good idea to know approximately how much you’ll have to spend before you start house hunting. The Melton’s mortgage advisors will help work out an affordability budget with you to give you an indication of how much you may be able to borrow.

Saving for your deposit

Opening a savings account can be a good way to save up for your deposit. Take a look at our range of savings accounts.

Finding your first home

Make friends with the agents. Calling and visiting your estate agents regularly will help ensure you’re the first to know when a hot new property hits the market.
Put aside a whole day, and do a number of viewings (six is the suggested maximum). Go on a weekday if you can – estate agents will give you more time than at the weekend.
Take your own pictures. These are much more useful than glossy agents’ shots. Film your visits on your phone, too. That way, you have something to refer back to.

We’re also here to help with:

Home insurance

We offer competitive buildings and contents insurance in partnership with Uinsure. Find out more.