The deal represents a 2.8 per cent discount off the society’s standard variable rate of 4.99 per cent and includes a free standard valuation and no upfront application fee or any product completion fee.
Customers receive £250 cashback upon completion.
Rob McCoy, senior product and business manager at TMA, said that the product offered a “significant discount:”.
He said: "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.”
Daniel Bailey, mortgage broker at Middleton Financial, said the rate was “fairly competitive” and that the lack of fees would be attractive for many.
He said: “I encourage customers to look at rate and fees together. The rate isn’t everything.”
