Advisers using Legal & General Mortgage Club will be able to access a semi-exclusive residential product from Melton Building Society.
The five-year fixed rate mortgage is available on new build or second-hand properties up to 90% loan to value (LTV). The product is priced at a 2.59% rate until 30 November 2026 and is subject to a £199 application fee, with no completion fee.
The product is suitable to purchasers between the ages of 18 and 80. Buyers can also use a family gifted deposit or 5% builder gifted deposit if they desire. Melton Building Society does not credit score and manually underwrites all mortgage applications.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “Many buyers have suffered credit impairments and broader financial complications throughout the last 18 months, as a direct result of the pandemic, making today’s development a timely one.
“We remain committed to expanding our offering in the coming months to ensure that advisers can pair every client with a suitable product, no matter their needs.”
Dan Atkinson, head of intermediaries at Melton Building Society, added: “We are proud to expand our distribution network by partnering with one of the UK’s largest adviser communities. Our commitment to manual underwriting processes and no credit checks means that we’re able to support a wide range of borrowers with a range of compelling options. Today’s step is an important one in our journey to establishing greater financial inclusion.”
