The mutual has also extended the end dates for its two- and five-year fixes to July 2027 and June 2030 respectively.
Changes include its two-year fix at 80% loan to value (LTV), which has been reduced by 0.1% to 4.49%. This has no application or completion fee and includes £500 cashback.
At 90% LTV, the two-year fix with a £199 application fee, no completion fee and £500 cashback has been cut by 0.15% to 5.14%, while the five-year fixed corresponding product has been lowered by the same amount to 4.74%.
At 95% LTV, Melton Building Society has reduced the rate of a five-year fix by 0.29% to 5.25%. This has a £199 application fee and no completion fee.
Jamie Hyland, head of product and marketing at Melton Building Society, said: “We are delighted to announce further enhancements to our mortgage product range, with these particular changes focusing on our residential product range.
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“As a mutual, Melton Building Society believes strongly in supporting our customers achieve their homeownership aspirations. We do this by aspiring to offer a number of fair value lending options. These reductions reconfirm our commitments to helping as many people as we can with their dreams of homeownership.”
Principality BS tweaks pricing
Principality Building Society has made a number of reductions to its mortgage rates and select increases.
It has reduced select residential mortgages, fixed for two, three or five years by as much as 0.22%, joint borrower sole proprietor (JBSP) rates by up to 0.21% and holiday let rates by as much as 0.15%.
The mutual has also cut its holiday let stress rate from 8.1% to 7.98%.
Elsewhere, the mutual has increased five-year fixed mortgage rates for residential new build by 0.15% at 95% LTV. Its shared ownership rates have also risen, with a hike of 0.66% for the five-year fix at 95% LTV and an increase of 0.42% for the two-year fix.
Newcastle for Intermediaries lowers large loan rates
Newcastle for Intermediaries has reduced two- and five-year fixed rates within its large loan offering by up to 0.26%.
This includes the two-year fix available up to 65% LTV on loans between £1.5m and £3m with a £1,999 fee, which is now priced at 4.9%.
The range is available to high-income clients and allows for up to 100% of bonus or commission income, subject to underwriter discretion. It also has enhanced income multiples of five-and-a-half times income.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re always looking for ways to make our large loan product range more attractive to brokers and their clients, and following a review of our rates, we’re pleased to make these reductions to our proposition, which reflect the current rate environment.”
