New Melton Building Society mortgage aimed at first time buyers
A new mortgage product was launched this week by Melton Building Society to help first time buyers overcome the challenge of saving for a deposit.
Its new 100 per cent mortgage allows eligible borrowers to buy a home without the need for a traditional cash deposit and is designed to address growing pressures faced by aspiring home owners, particularly younger buyers and those renting long term.
The five-year product is fixed at 5.99 per cent, with a £199 application fee and £199 cashback upon completion.
It is initially exclusively available to L&G mortgage club brokers for clients buying a property within the East Midlands, with wider distribution, including the extension of geographical locations being considered for later this
year.
Simon Taylor, CEO of Melton Building Society, commented: “For over 150 years we have been committed to helping our members buy their own home, and it’s well documented that in recent times taking the first step into home ownership has become increasingly difficult for buyers.
“As a modern mutual building society, it’s important that we look for ways to innovate and offer solutions to overcome the barriers that exist to home ownership.
“That’s why we’ve carefully designed a product, that in partnership with Gable Sure, gives borrowers a fair opportunity to own their own home, whilst lending responsibly.”
Applications will be manually underwritten and subject to the Society’s lending criteria, credit assessment, and property valuation standards.
"This 100 per cent mortgage product could be a genuine game changer for first time buyers struggling to get on the property ladder,” said Laura Burrows, of Melton Mortgage Solutions, an L&G club brokerage.
“By removing the barrier of a large deposit, it opens up homeownership to the many credit worthy applicants who might otherwise be stuck renting for years.”
Speaking on behalf of L&G, head of strategic accounts, Greg Cunnington, said of the exclusive offering: “It is great to partner with Melton on this exclusive, that offers more options to our intermediary partners and importantly the end customer.”
Go to www.themelton.co.uk for more details of the new mortgage product or to make an enquiry.