It announced today it would be cutting the rates on the three and five-year fixed rate Help to Buy mortgages by 50 bps.

Meanwhile, MBS Lending (MBSL) – the building society’s credit repair subsidiary – announced it had cut rates across its range of residential discounted credit repair mortgages, also by 50 bps.

The Melton said its Help to Buy products were available for both purchase and remortgage, including staircasing, to support the growing number of first-time buyers and existing Help to Buy homeowners who were facing affordability challenges.

Dan Atkinson, head of sales and marketing at the Melton said: “We are committed to helping first-time buyers get onto the property ladder by ensuring we offer a choice of products that support affordability.”

Credit repair

Among the credit repair products which will see changes as a result of the rate cuts are MBSL’s Near Prime Enhance 2 Year Discounted product, which is now 2.99% with an application fee of £150, completion fee of £995 and 70% LTV.

Atkinson added: “These reductions ensure we continue to offer a choice of credit repair products at competitive prices that deliver great outcomes for our customers.”