The Melton has launched a new high loan-to-value mortgage and cut the rate on its shared ownership offer.

The mutual debuts a three-year fixed-rate deal to 31 January 2025 at 90% LTV at 2.9%, with no fees. The minimum loan amount is £150,000. The loan is not available for new builds or flats.

Its shared ownership five-year fixed-rate offer to 30 November 2026 is now 3.79%, at 95% loan to share, or 75% LTV, with no fees. The minimum loan amount is £100,000.

The Melton head of marketing Jon Cartlidge says: “This competitively priced new standard residential product and reduction of 20 basis points 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.”

In August, the Melton added a new holiday buy-to-let deal to its range.

This product is available for both regulated and non-regulated cases.

Melton offers a two-year fixed rate at 3.49% until November 2023.