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Melton BS adds shared ownership deal and cuts rates

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  • 01/05/2024
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Melton BS adds shared ownership deal and cuts rates
Melton Building Society has launched a 95% loan-to-value (LTV) shared ownership offering and reduced rates at the same tier.

Melton Building Society’s new shared ownership deal is a two-year fixed product, priced at 6% with no application fee. 

This comes less than a month after the mutual re-entered the 95% LTV space with a five-year fixed purchase and remortgage product.

Melton Building Society has reduced the rate of this product from 5.75% to 5.29%. It also has no application fee. 

Jamie Hyland, head of product and marketing at Melton Building Society, said: “The Building Societies Association [BSA] have recently published a review into the experiences of first-time buyers, concluding that it’s the most challenging it has been for some time for those looking to escape the rental sector and venture into homeownership.

“At Melton Building Society, we recognise the challenges that first-time buyers face, and as a mutual building society, we are committed to helping those with aspirations of homeownership by providing a broader range of options for first-time buyers.”

He added: “The addition of our 95% LTV shared ownership product and the reduction on our standard residential products re-affirms our commitment to supporting a range of first-time buyers achieve their ambitions of homeownership.” 

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