The Melton Mowbray Building Society, a small local building society based in the East Midlands, has made strategic changes to its standard mortgage portfolio.
The Society has removed all early repayment charges from its 2 Year, 3 Year and Term SVR Discounted rate mortgage products and introduced a £250 cashback, payable on completion. It has further enhanced its proposition by introducing new 2 Year Fixed Rate products and has increased the procuration fees it pays to mortgage brokers. This comes soon after the Melton increased its maximum loan to value on standard products to 85% loan to value. The Melton has only recently entered the broker market on a national basis and is keen to build relationships with brokers and their clients.
Martin Reason, Group Chief Executive, said “At the Melton we have embarked upon 2011 with changes to our portfolio to assist first time buyers, next time buyers and those changing lender. We are also creating new relationships in our local market. For example we have established a first time buyer proposition in the East Midlands area with both Taylor Wimpey East Midlands and David Wilson Homes East Midlands having successfully enabled first time buyers to purchase under the national HomeBuy Direct Scheme.” He added “We are also working closely with Buildstore for self build projects, where funds are released in stage payments in advance rather than in arrears. And not forgetting the green market, we have recently introduced a market leading Eco-Mortgage in conjunction with the team at Buildstore.”