Melton Variable Rates

On 7th of November 2024 the Bank of England’s Monetary Policy Committee (MPC) met and decided to decrease the Bank Base Rate by 0.25% to 4.75%.

As a result, we will be making the following changes:

Mortgages

Base Rate Tracker Mortgages to reduce by 0.25% with effect from Sunday 1st December 2024.

Standard Variable Rate (SVR) to reduce by 0.25% to 8.44% with effect from Saturday 1st February 2025.

Historic MBSL (Credit Repair) SVR to reduce by 0.25% to 8.94% with effect from Saturday 1st February 2025.

If you have any concerns about financial difficulty, please contact the Mortgage Services Team on 01664 414141 so we can help support you.

Savings

We are currently reviewing market changes following the recent announcement by the Bank of England and will communicate any changes once a decision has been made.

Please bear with us – our telephone lines may be busier than usual as we help our customers.

Online Login

Shared-ownership mortgages

Shared-ownership mortgages are particularly popular with first-time buyers. Melton Mortgage Solutions advisers will help you understand how much you can borrow, the deposit you need and the right type of mortgage for you.

Get Started

or call our mortgages experts on 01664 494100
Shared Ownership Mortgages from Melton Mortgage Solutions

Melton Mortgage Solutions can help you find the right mortgage deal by comparing 1000s of mortgages from over 90 different lenders.

Shared-ownership mortgages are particularly popular with first-time buyers.

For many people, getting a large deposit can be difficult. A shared-ownership mortgage offers an alternative, as it typically requires only 5% of the share you’re buying.

Shared-ownership Q & As

So how does shared-ownership work?

Shared ownership is a great way to get onto the property ladder. It allows you to buy a share in a property and rent the rest, whether the property is a new build or one being sold by a housing association. You can normally buy between 25% and 75% of the property.

Where can I get a mortgage for shared-ownership?

You’ll need to take out a mortgage from a lender who specialises in this type of loan. You’ll pay for your share of the property’s purchase price but, in time, you may be able to buy a greater share to get you to full ownership.

Who can buy a shared-ownership property?

This depends on where you live in the UK. For England, you’ll usually need to be a first-time buyer with a combined household income below £80,000 outside London. Military personnel may also take priority.

What is staircasing?

When you can afford it, you’ll be able to buy more of the property and increase your investment. This is called ‘staircasing.’

If you’re interested in finding out more about shared-ownership mortgages, Melton Mortgage Solutions advisers can help you. Simply call 01664 494100 or click get started.


Get Started

First time buyer guide

Search for your next mortgage with Melton Mortgage Solutions

To book an appointment please call 01664 494100 or click get started.

Get Started

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed