The product from Melton Building Society has no fees and a rate of 5.75%. It is available for both purchase and remortgage.
Jamie Hyland, head of product and marketing at the society, said: “We sympathise with the challenges buyers have been facing over the past few years, with soaring house prices and the cost-of-living crisis putting extra pressure on those saving for a deposit.
“We hope that, by reintroducing 95% LTV products to our product range, we can offer those with smaller deposits an opportunity to achieve their aspirations of homeownership.”
In February, the society refreshed its mortgage range, including rate reductions across its credit repair deals.
Updated mortgage origination platform for Melton Building Society
Melton Building Society also introduced a new mortgage origination platform, with Hyland adding: “This launch marks the introduction of our new mortgage origination platform, which will help us to bring new products to market quicker, enabling us to be agile and swiftly respond to the market and customer needs keeping our product range attractive to both brokers and clients alike.”
The mutual said this had resulted in “significant improvement” in its processing and application to completion conversion. Melton Building Society has now extended this to all products.
Dan Atkinson, head of intermediaries at Melton Building Society, said: “The launch of our new mortgage origination platform will provide brokers and their clients with a better experience at every stage of their application with the Melton.
“We understand the pressures and frustrations that brokers are experiencing in today’s challenging mortgage market, and the new platform has been developed with brokers in mind. The new system will remove cumbersome and time-consuming manual processes to offer brokers a better experience when submitting an application with the Melton.”
He added: “Our vision is to build a modern mutual society that keeps pace with the demands of our members and intermediary partners and our ongoing digital transformation has and will continue to play a critical role in this.”
Joy Joseph Abisaab, CEO of Mast, said: “We are thrilled to play a significant part in supporting Melton Building Society in its digital transformation journey. At Mast, we are committed to providing innovative mortgage technology that empowers lenders to enhance their customer experiences and streamline their operations.”
