The Melton cuts mortgage rates and expands shared ownership range

Melton Building Society has reduced rates across its five-year fixed residential range and strengthened its shared ownership offering with a new product.

Available to both new and existing customers, five-year fixed rates have reduced by up to 0.30%.

In addition, the Society has added a five-year fixed rate deal to its shared ownership range. The new offering is available up to 95% LTV with no application fees at 5.35%.

As well as the new addition, The Melton has repriced its existing 95% LTV shared ownership product to 5.75%, a reduction of 0.25%.

Jamie Hyland, head of product and marketing at The Melton, said: "As a mutual building society, we recognise the importance of shared ownership schemes in helping aspiring homeowners onto the property ladder, particularly in areas where property prices are high or for those with a low income. 

“We are delighted to be able to extend our shared ownership range in order support more people in obtaining the freedom and stability of home ownership, and we remain committed in offering a broader choice of good value mortgage products for consumers."