It also reduces rate of 95% LTV five-year fixed residential deal
Melton Building Society has announced the launch of a new 95% loan-to-value (LTV) shared ownership product and a reduction in rates on another 95% LTV product.
Further expanding its portfolio, Melton has introduced a shared ownership mortgage product designed to help buyers who face challenges in entering the housing market. The new option comes with a 6% interest rate and no application fees.
Aiming to bolster support for first-time buyers, the building society also made a significant rate cut for the society’s 95% LTV five-year fixed residential mortgage, previously priced at 5.75%, now reduced to 5.29%. The product continues to offer applicants the flexibility of no application fees.
Further information about Melton Building Society’s updated mortgage products is available on the mutual’s website.
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“The Building Societies Association have recently published a review into the experiences of first-time buyers, concluding that it’s the most challenging it has been for some time for those looking to escape the rental sector and venture into home ownership,” said Jamie Hyland (pictured), Melton Building Society’s head of product and marketing.
“At Melton Building Society, we recognise the challenges that first-time buyers face, and as a mutual building society, we are committed to helping those with aspirations of home ownership by providing a broader range of options for first time buyers.
“The addition of our 95% LTV shared ownership product and the reduction on our standard residential products re-affirms our commitment to supporting a range of first time buyers achieve their ambitions of home ownership.”
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