Melton BS launches foreign national mortgage range

Melton Building Society has announced the launch of a new foreign nationals mortgage range, designed to support those who are living and working in the UK but do not hold permanent residency looking to purchase a property.

The new range, which follows the Society’s recent entry into the 100% LTV market, consists of two mortgage products. 

Available from Monday 16th February, five-year fixed rates start from 5.29% at 80% LTV with a £999 completion fee and 5.45% with no completion fee. Both products carry a £199 application fee.

Jamie Hyland, head of product and marketing at Melton Building Society, said: “We recognise that foreign national borrowers can face unnecessary barriers when trying to obtain mortgage finance, despite having strong income and a right to live and work in the UK. This new range demonstrates our commitment to supporting brokers in helping more customers achieve home ownership through a common sense, manual underwriting approach.

“With the two fixed rate options we are introducing, we’re giving brokers the tools to support a broader range of clients and offer foreign national applicants the opportunity of achieving longer term stability and certainty.”