Melton Building Society has announced significant cuts to its buy-to-let mortgage rates, offering landlords the chance to save on their monthly repayments.
The building society has reduced rates across its buy-to-let range by up to 0.55%. This means landlords could benefit from some of the lowest rates available on the market.
Melton has also increased its maximum loan size from £500,000 to £1 million. This change opens doors for landlords looking to expand their portfolios with higher-value properties.
Cashback Incentives
For the first time, Melton is offering cashback incentives on two of its buy-to-let products:
- BTL 2 Year Fixed:
- Rate: 5.15% (down from 5.35%)
- LTV: 75%
- Fees: No application fees, £399 completion fee
- Cashback: £250
- Family BTL 2 Year Fixed:
- Rate: 5.40% (down from 5.95%)
- LTV: 75%
- Fees: £199 application fee, no completion fee
- Cashback: £500
Dan Atkinson, Head of Intermediaries at Melton Building Society, highlighted the significance of these changes: “We are delighted to be able to offer our lowest BTL rates of the year to the market. Our new rates along with the substantial increase to our maximum BTL loan limit reflect our commitment to landlords.”
He further emphasised the benefits for both new and seasoned landlords: “With rate reductions of up to 0.55%, and the introduction of cashback on selected products we hope to offer both existing and new landlords some attractive solutions to grow their property portfolio.”