Legal & General Mortgage Club has announced a new product launch with Melton Building Society.

Advisers placing business with Melton Building Society via Legal & General Mortgage Club will now benefit from a semi-exclusive product suitable for residential cases.

The five-year fixed rate mortgage is available on new-build or secondhand properties up to 90% LTV, priced at a 2.59% rate until 30 November 2026, and is subject to a £199 application fee with no completion fee.

L&G Mortgage Club suggested that the product is suitable to purchasers between the ages of 18 and 80, and that buyers can also use a family gifted deposit or 5% builder gifted deposit if they desire. The Melton does not credit score and manually underwrites all mortgage applications.

“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,” said L&G Mortgage Club head of lender relationships, Danny Belton.

“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.”

Melton Building Society head of intermediaries, Dan Atkinson, 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.”

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