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Melton Mowbray Building Society

The society was incorporated in 1875 to be of benefit to the surrounding population, it remains committed to the ideals of a mutual society and continues to provide savings, investments and mortgages to the local community. It has 3 branches plus 8 agencies in the area surrounding Melton Mowbray.

There may soon be mortgages available for first time buyers under the Government Homebuy Direct Scheme, check with your advisor about this. You can borrow to buy a new home, change from an existing lender or have an additional loan to raise some capital from the equity in your home.

The Melton Mowbray also offers an Offset Account -this means that if you have any savings with the Society you can use them to offset your outstanding balance, reduce your monthly payments and possibly pay off your mortgage earlier. So for example if you have a mortgage of £90,000 and savings of £10,000 you will only pay interest on £80,000, you are however free to use your savings at any time and the account will adjust your mortgage balance accordingly.

If you are thinking of building your own home then this Society may be able to help, they offer mortgage products that release funds prior to each stage (including land purchase), thereby giving you access to a cash flow when you may most need it. This mortgage scheme runs in partnership with buildstore.co.uk who will make the initial assessment and support you throughout the process.

The most common product from the Melton Mowbray Building Society is a discounted Tracker and this can also be agreed for buy to let properties.


Melton Mowbray Building Society Mortgage Products

Discount Tracker mortgages: Residential customers can choose a 2 or 3 year discount term and provide a 25% deposit, buy to let investors can apply for a 2 year discount and will need to provide a 40% deposit. The discounted rate will be guaranteed as a percentage below the Standard Variable Rate for the agreed period, after this time the mortgage interest rate will switch to the Standard Variable Rate.

Buy to Let mortgages: This product will offer a discounted interest rate for an agreed period, you will need to be able to provide at least a 40% deposit and be able to prove that the income from rental will be higher than the monthly repayments.

Self Build mortgages: Most mortgage products are available to customers who are building their own home. However as this is a specialist market you will need to consult your advisor and/or contact buildstore.co.uk to check the terms and conditions of each product.

I If you are interested in a mortgage quotation including those offered by Melton Mowbray Building Society please complete our quick enquiry form.

Melton Mowbray Building Society Mortgage Rates

Mortgage Type Initial Rate Subsequent Rate APR Max LTV Fees & Charges Enquire Now
3yr Discount Rate 3.49% Variable 4.99% Variable 4.9% 75% £399 Application Fee, £599 Completion Fee
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2yr Buy to Let Discount rate 4.49% Variable 4.99% Variable 5.3% 60% £399 Application Fee, £599 Completion Fee
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Self Build Mortgage       85% Check with your mortgage advisor
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