The firm said the foreign national launch shows “growing demand from borrowers with complex residency that are currently under-served by the mortgage market”.
The range consists of a five-year fixed rate at 80% loan to value (LTV) with a £199 application fee and a £99 completion fee priced at 5.29%.
There is also another deal with no completion fee or a £199 completion fee at the same LTV at 5.45%.
Melton Building Society recently launched a 100% LTV mortgage powered by zero-deposit provider Gable Sure and added deals to its credit repair range.
Jamie Hyland (pictured), head of product and marketing at Melton Building Society, said: “We recognise that foreign national borrowers can face unnecessary barriers when trying to obtain mortgage finance, despite having strong income and a right to live and work in the UK. This new range demonstrates our commitment to supporting brokers in helping more customers achieve homeownership through a common-sense, manual underwriting approach.
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“With the two fixed rate options we are introducing, we’re giving brokers the tools to support a broader range of clients and offer foreign national applicants the opportunity of achieving longer term stability and certainty.”
The foreign national launch comes as several lenders look to target this segment, either launching products or widening their foreign national proposition. This includes Nottingham Building Society, Vida, Hanley Economic Building Society and Suffolk Building Society.
