It aims to support borrowers amid rising house prices
Melton Building Society has increased the maximum loan size across all its loan-to-value (LTV) ranges, effective Friday, May 24.
The changes, which aim to support a broader range of borrowers amid rising house prices, include an increase in the maximum loan size for those borrowing between 75% to 80% LTV to £1 million, for 90% LTV up to £750,000, and for 95% LTV up to £500,000.
Earlier this month, the mutual launched a new 95% LTV shared ownership product and reduced rates on another 95% LTV product.
For those looking to borrow up to 75% LTV and exceeding the current maximum loan of £1 million, Melton will launch new two- and five-year products available up to £2.5 million. These new products will be offered on a capital repayment basis or, for interest-only borrowers, up to 60% LTV.
“At Melton Building Society, we are always looking for ways to support a broader range of borrowers, whether that’s through our products, criteria, or responding to client and broker feedback,” said Dan Atkinson (pictured), head of intermediaries at Melton Building Society.
“It’s well documented that house prices have gone through a period of sustained growth for a number of years now. It’s clear the impact this has had on buyers, particularly those buying in the south, who have been experiencing significant challenges with higher-than-average house prices.
“Our aim is to offer a broader range of clients the option of a mortgage with Melton Building Society, and we’re committed to helping prospective homeowners and those looking to take their next steps on the property ladder.”
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