Lender removes early repayment charges and reinspection fees
Melton Building Society has introduced changes to its self-build mortgage product range, implemented following feedback from brokers and borrowers.
Key enhancements, effective from January 2, include the removal of early repayment charges across all self-build products, as well as the elimination of reinspection fees – changes that aim to simplify the borrowing process and reduce delays for customers.
The product range caters to self-build, custom-build, renovation, and conversion projects. Borrowers can use the funds to purchase land and cover building costs, provided full planning permission is in place.
The mutual also offers lower interest rates for those constructing energy-efficient homes and provides interest-only repayment options during the build phase to help borrowers manage costs.
In December, Melton Building Society increased the loan-to-value limits for its interest only and part and part mortgage products to assist borrowers facing affordability, allowing applicants greater borrowing capacity.
Dan Atkinson (pictured), head of intermediaries at Melton Building Society, said the changes reflect the building society’s commitment to responding to customer and broker input.
“We actively seek their opinions to understand feelings towards our products, criteria, system, people and processes to understand where we can make improvements,” Atkinson said. “We are introducing these changes as a direct result of that feedback.
“We are evolving our product range to provide self build products better suited to the needs of today’s borrower. We hope that these changes will enable those building or converting their dream home to access funding in a timely manner and reduce the stress of financing their build.”
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