The Melton Building Society will be re-entering the high loan to value (LTV) market for a limited time, with a tranche of 85 per cent and 90 per cent mortgages.
There will be a five-year fixed at 90 per cent LTV with a rate of 3.79 per cent which is only available to borrowers in the East Midlands area who are purchasing a property.
There is also a five-year fixed at 85 per cent LTV at 3.09 per cent, which will be available to clients who are purchasing or remortgaging.
Neither product will be available for new builds or flats and the minimum loan amount is £150,000. Both mortgages have an application fee of £199.
These products will be available from 18 November.
Dan Atkinson, head of sales and marketing at the Melton, said: “Despite today’s ever changing market we remain committed to providing customers with the best mortgage options.
“Restricting our 90 per cent LTV product to the East Midlands will give our local customers the opportunity to find the right home and a better chance of securing these rates.”
“Although we have to limit these high LTV products to protect our service levels, we hope that by giving brokers advance notice they will have more time to contact clients who may find our products suitable,” he added.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
