According to the lender, the three-year discount rate is a 2.80% discount off the standard variable rate of 4.99%, resulting in an initial rate of 2.19%. The product includes free standard valuation and has no upfront application fee or product completion fee. Customers also receive a £250 cashback upon completion.
Rob McCoy, senior product and business manager at TMA, said: “Thanks to the significant discount offered on this product, coupled with the no fees, I expect it will be very popular with our members. Additionally, as The Melton individually underwrites all applications and does not credit score, it’s a great product for advisers to recommend to clients with unusual circumstances who need their personal circumstances to be considered.”
Nicola Alvarez, Director of Sales & Marketing at The Melton Building Society, added: “We are delighted to offer this exclusive product to TMA. Fee free mortgages are very attractive for customers looking to remortgage, especially when combined with a substantially discounted rate.”
