Melton Building Society has reduced rates across its credit repair and buy-to-let (BTL) mortgage range, which it said would give better value to borrowers.
The mutual’s credit repair mortgage rates have been lowered by up to 0.36% on deals up to 70% loan to value (LTV) on two-year fixed terms. The products are subject to a £199 application fee and have varying completion fees.
For BTL borrowers, the five-year fixed holiday let product at 75% LTV has gone down by 0.2% to 5.35%. This has a £199 application fee and £999 completion fee.
Melton Building Society’s family BTL product at the same tier, fixed for two years, now has a rate of 5.05%. This has a £1,999 application fee and £1,499 completion fee.
Jamie Hyland (pictured), head of product and marketing at Melton Building Society, said: “Having already introduced a number of changes so far this year, we’re delighted to continue with the developments to our mortgage product range.
“As a mutual building society, we’re dedicated to providing fair-value lending options for a wide range of applicants. We are committed to helping those who do not meet the traditional lending criteria of high street lenders, and we hope these reductions will encourage those who have experienced a financial bump in the road to pursue their dreams of homeownership.”
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This year, the mutual has launched a self-employed product, removed select fees from self-build products and reduced rates at 80% LTV.
