Melton Building Society has increased the maximum loan across all loan to values to support a broader range of borrowers with the challenges of rising house prices.
From 24 May the maximum loan size across the Melton’s loan to value range will increase.
For those borrowing between 75-80% LTV, maximum loan size will now be increased to £1m, 90% LTV, up to £750,000 and 95% LTV, can now borrow up to a maximum of £500,000.
For those looking to lend up to 75% LTV and in excess of the current maximum loan of £1m, the Melton will also be launching new two and five -year products available up to £2.5m. These new products will be available on a capital and repayment basis or for those borrowing on an interest only basis will be available up to 60% LTV.
Melton BS head of intermediaries Dan Atkinson said: “It’s well documented that house prices have gone through a period of sustained growth for a number of years now. It’s clear the impact this has had on buyers, particularly those buying in the south, who have been experiencing significant challenges with higher than average house prices.”
He added: “Our aim is to offer a broader range of clients the option of a mortgage with Melton Building Society, and we’re committed to helping prospective home owners and those looking to take their next steps on the property ladder.”
