For borrowers in the 75%-80% LTV bracket, the maximum loan size will increase to £1 million; for borrowers with smaller deposits, loan size will increase to £750,000 (for 90% LTV) and £500,000 (for 95% LTV).
The lender is also launching a 2-year and 5-year fixed rate at up to 75% LTV, for buyers looking to borrow about the £1m mark. These will be available on a capital and repayment basis or, up to 60% LTV, interest only.
Dan Atkinson, head of intermediaries at Melton Building Society, said:
"At Melton Building Society we are always looking for ways to support a broader range of borrowers, whether that's through our products, criteria, or responding to client and broker feedback."
"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. 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 tose looking to take their next steps on the property ladder."
