Melton Building Society has cut its mortgage rates and expanded its shared ownership offering.
Effective from 13 September, the mutual has lowered its five-year fixed mortgage rates by as much as 0.3%.
It has also added a five-year fixed rate deal to its shared ownership offering. This is available at 95% loan to value (LTV) and has a rate of 5.35%, with no application fees.
Additionally, Melton Building Society has reduced its existing shared ownership product at 95% LTV by 0.25%, bringing the rate to 5.75%.
Jamie Hyland, head of product and marketing at Melton Building Society, said: “As a mutual building society, we recognise the importance of shared ownership schemes in helping aspiring homeowners onto the property ladder, particularly in areas where property prices are high or for those with a low income.
“We are delighted to be able to extend our shared ownership range in order [to] support more people in obtaining the freedom and stability of homeownership, and we remain committed [to] offering a broader choice of good-value mortgage products for consumers.”
Vernon BS lowers mortgage rates
Vernon Building Society has reduced mortgage rates by 0.3%, with pricing now starting at 4.29%.
This includes a three-year fixed residential mortgage, which is now priced at 4.49% with a £499 arrangement fee. The product is available at 80% LTV.
The mutual has also launched a five-year fixed residential product at 80% LTV with a £999 arrangement fee. This has a rate of 4.29%.
Meanwhile, its existing five-year fix with no arrangement fee has been cut by 0.3% to 4.49%.
Across its 90% and 95% LTV tiers, Vernon Building Society has reduced rates by 0.15%.
Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “We are proud to be offering some of the most competitive mortgage rates across the market right now. As a mutual, the Vernon is not compromised by pressure to make as much profit as possible, so we’re eager to pass interest rate cuts directly onto our brokers and customers.
“Vernon Building Society has a long history of helping people with complex situations and incomes secure a mortgage. It’s a tough economic climate for borrowers at the moment, who are dealing with the impacts of high inflation, the rising cost of living and increased interest rates. Brokers can be reassured that our underwriting team personally review each application, meaning we can find ways to underwrite a case that other automated lenders won’t.”
The lenders follow the likes of NatWest, Nationwide and Suffolk Building Society in lowering mortgage rates this week.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
