Melton Building Society has launched a new 100% LTV mortgage product, designed to help first-time buyers overcome the challenge of saving for a deposit.
The five-year product is fixed at 5.99%, with a £199 application fee and £199 cashback upon completion.
Launching on the 2nd February, it is initially exclusively available to L&G mortgage club brokers for clients purchasing a property within the East Midlands, with wider distribution, including the extension of geographical locations, being considered for later this year.
Simon Taylor, CEO of Melton Building Society, said: "For over 150 years we have been committed to helping our members buy their own home, and it’s well documented that in recent times taking the first step into home ownership has become increasingly difficult for buyers.
"As a modern mutual building society, it’s important that we look for ways to innovate and offer solutions to overcome the barriers that exist to home ownership. That’s why we’ve carefully designed a product, that in partnership with Gable Sure, gives borrowers a fair opportunity to own their own home, whilst lending responsibly."
Greg Cunnington, head of strategic accounts at L&G, commented: "It is great to partner with Melton on this exclusive, that offers more options to our intermediary partners and importantly the end customer. The role of regional building societies in the mortgage market is one of huge importance in supporting more flexible customer requirements, so we are delighted to work closely with Melton Building Society here."
