Melton Mowbray Building Society has informed its broker partners of forthcoming adjustments to its mortgage product range, effective from 9am on Thursday, 9th May.
The society is committed to providing at least 24 hours’ notice prior to product withdrawals or changes to ensure transparency and readiness among its brokers and clients.
For residential mortgages up to £750,000, the changes include the withdrawal of products offering up to 60% loan-to-value (LTV) and the introduction of a new standard product fee set at £1,495.
In the residential specialist category, covering loans from £750,000 to £2m, the current range will be completely withdrawn.
This includes products with no fees and those with low early repayment charges (ERCs).
However, the society plans to introduce an updated residential range that can accommodate cases up to £2m across three tiers, designed to handle both straightforward and more complex cases. Further details on this new range will be announced soon.
For expats, both in residential and buy-to-let categories, a third tier will be introduced, along with criteria amendments to the second tier, to better meet the diverse needs of international clients.