According to the lender, the new product is a 3 Year Fix to 31 January 2025 (initial pay rate 2.49%), 90% LTV, no fees. Min loan amount £150k. Not available for new builds or flats.
And for shared ownership, 5 Year Fixed Rate to 30 November 2026 (initial pay rate 3.79%) and no Fees. 95% LTS / 75% LTV. Min loan amount £100k.
Jon Cartlidge, Head of Marketing, the Melton, comments: “This competitively priced new standard residential product and reduction of 20 bps on our shared ownership product are great news for first-time buyers, particularly when combined with our flexible criteria and common-sense approach to lending.
“We regularly review our rates to ensure we remain competitive for all types of borrowers.”
