Melton Mowbray Building Society Mortgages

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Last updated on 22 March 2021.

Melton Mowbray Building Society Mortgages FAQ

Who are Melton Mowbray Building Society?

Melton Mowbray Building Society is a building society providing savings and credit financial products in the famous culinary town of Melton Mowbray. The town may be synonymous with stilton cheese and Melton Mowbray pork pies, but the building society have been serving the financial needs of the town and its surrounding communities since 1875. As well as the Melton branch, branches are also located in Grantham and Oakham.

What types of mortgages do Melton Mowbray Building Society offer?

The Melton Mowbray Building Society provides a range of mortgages for more than 40,000 members – and new members join every day. Whatever walk of life you’re from, there’s a mortgage product to suit your financial circumstances at the building society.

Melton Mowbray Building Society mortgages include:

  • First-time buyer mortgages
  • Moving your home or your mortgage
  • Self-build and renovation mortgages
  • Buy-to-let mortgages
  • Credit repair mortgages
  • Fixed rate mortgages

What interest rates are available on Melton Mowbray Building Society mortgages?

You can see the rates currently available on Melton Mowbray mortgages in our mortgage product comparison table, just above these frequently asked questions. Our search functionality allows you to filter mortgages by initial interest rate or annual percentage rate of charge (APRC).

When comparing mortgage rates to find the best option for you financially, interest rates are often the first and foremost consideration when choosing between mortgage products. The interest rate attached to a mortgage is so important, because the higher your interest rate, the higher your monthly repayment will be.

The thing with interest rates is that they change throughout your mortgage term. However, you can ensure they remain static for a set period with a fixed rate mortgage. With this type of mortgage, your interest rate won’t rise during the set period — usually between two to five years, but some mortgage products go as high as ten.

How does a financial assessment influence a mortgage application?

When you make a mortgage application, a lender will assess your financial position in order to assess their willingness to lend to you, and their view on the level of risk you present as a borrower. A lender’s consideration of your risk level, alongside a number of other financial considerations, shapes whether they will provide you a mortgage and at what interest level.

A financial assessment typically covers:

  • A review of your earnings and job security
  • An evaluation of how much are looking to borrow
  • An analysis of your credit rating history
  • An exploration of your spending habits and debts

Lenders will ask to see your last three months of bank statements as part of your affordability assessment. So, before applying for a mortgage it’s considered good practice to get your spending under control. This will give lenders a good impression of your ability to meet mortgage repayments sustainably in the future.

Are Melton Mowbray Building Society well reviewed by their customers?

Serving as a ratings review aggregator and insight platform for the financial services sector, Smart Money People have a series of reviews for the building society’s mortgage channel.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE