Melton Business Society has announced a number of reductions to its mortgage rates, with these set to apply to loans within the fixed rate 80% LTV residential slate.
The rate reductions will be applicable to both the five and two-year fixed loans in this slate. In the case of each, Melton BS has cut its rates by as much as 0.20%. The fixed rate five-year residential loan at LTV of 80% now comes with a rate of 4.59%. For a two-year loan, the rate now offered by Melton BS is 4.90%.
In addition to these lower rates, the two loans within this range come with other features that will make them attractive to potential borrowers. Neither product has a fee attached for the application, while the basic valuation for both is provided free. Customers also have the chance to benefit from cash-back of up to £500 in the case of the five-year loan.
Melton BS has been making several changes to its product range during January. It introduced a new product aimed at self-employed borrowers and adjusted its criteria for self-build lending.
The lender’s product manager William Bell said that the decision to cut its rates for fixed deals was an attempt to make it easier for mortgage advisors to find the right loans for their clients. He added that this would give potential borrowers more confidence.
News of lenders cutting their rates is something that anyone with CeMAP mortgage advisor training will be pleased to see, especially in the current climate.
