This includes the five-year fixed rate at 90 per cent LTV, which has been reduced from 3.39 per cent to 2.89 per cent. This has an application fee of £199 and a minimum loan amount of £150,000.
The five-year fixed rate at 85 per cent LTV has also been cut from 2.89 per cent to 2.59 per cent. This also has an application fee of £199, while the minimum loan is £100,000.
Neither product is available for lending on new-builds or flats.
Dan Atkinson, head of intermediaries at the Melton, said: “These reductions are great news for first time buyers, particularly when combined with our flexible standard lending criteria.
“We’re committed to helping first-time buyers get onto the property ladder by ensuring we offer a choice of competitively priced products, combined with lending criteria that supports affordability and today’s varied lifestyles.”