The family buy-to-let product, designed for landlords who want to let to a member of their family, is discounted at 1.24% below the standard variable rate (SVR) for the term, giving a current pay rate of 3.75%.
It’s available up to 75% loan-to-value (LTV) and comes with an application fee of £199 and completion fee of £399.
The holiday buy-to-let mortgage is a discounted rate for term at 1.64% below the society’s SVR, currently 4.99%. This gives a pay rate of 3.35%. It’s available up to 60% LTV and comes with an application fee of £199 and completion fee of £599.
The Melton’s standard buy-to-let deal is a three-year discounted rate at 2.2% below the SVR, giving a current pay rate of 2.79%. Available up to 60% LTV, it has an application fee of £199 and completion fee of £399.
Nicola Alvarez, director of sales and marketing at the Melton, said: “We have long experience of this type of finance and following feedback both from intermediaries and customers, we have introduced a new regulated buy-to-let product specifically for letting to family members. We are also supporting the UK holiday market with the re-launch of a dedicated product for new and existing holiday let landlords.”
