The Credit Repair range is aimed at borrowers who have had light or adverse credit on “their mission to take back control of their finances”.
By adding deals with no completion fee, the lender is hoping they will “appeal to a wider range of borrowers” and remove a barrier for those considering the product.
The deals include a two-year fixed Near Prime Enhance rate at 80% loan to value (LTV) at 6.29% and a two-year fixed Near Prime rate at 75% LTV, which is priced at 6.44%.
There is also a two-year fixed Credit Assist rate at 75% LTV, coming to 7.24%, and a two-year fixed Credit Recovery rate at 75% LTV at 7.64%.
All of the above products offer a free basic valuation and are subject to a £199 application fee.
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Jamie Hyland, Melton Building Society’s head of product and marketing, said: “We are delighted to introduce these new products to our Credit Repair product range. We believe that these changes will provide options for those that might consider completion fees as a barrier to borrowing.
“As a mutual building society, we’re dedicated to providing fair-value lending options for a wide range of applicants, including those with impaired credit. We remain committed to helping those who perhaps do not meet the traditional lending criteria of high street lenders, and we hope these reductions will encourage those who have experienced a financial hiccup to pursue their homeownership ambitions.”
Earlier this year, the firm lowered fixed rates across its residential mortgage range.
