New retail bank Masthaven is entering the residential mortgage market today with a new range of products developed to better meet the needs of today’s borrowers. Combining its many years of specialist lending knowledge and service with highly competitive rates, the bank is looking to support brokers whose customers have more complex application requirements, removing the need for credit scores and providing manual underwriting where required.
Matt Andrews, Managing Director of Mortgages at Masthaven, said: “Society has changed and it is time the mortgage industry caught up. We believe that a modern mortgage market builds products and services based on customer needs, rather than applying a one-size-fits-all approach to lending. People are working and living longer, starting out adult life in greater debt due to tuition fees and a job is no longer for life, with a huge swathe of the population either self-employed or not working the traditional 9-5 contract job. Many won’t fit the conventional box ticking exercises that the mortgage market currently requires, yet they can comfortably afford the mortgage repayments they wish to commit to. We want to work with brokers to help change this situation and this first range of products is just the start of driving that change.”
Masthaven is working with a select panel of specialist brokers* at launch, and intends to extend distribution to the wider UK market before the end of the year. The new product range includes a two-year fix from 2.94%, a five-year fix from 3.44% and a lifetime tracker from 3.44%.
Highlights of its Residential range include:
- Loans from £40,000 to £1,000,000
- Loan term from 5 to 35 years
- Interest Only / Part & Part up to 60% LTV
- No credit score check
- Lending for longer: Customers aged up to 85 years old at the end of the term of the loan
- Contractors and employed with short history – 3 months in job or 3 months remaining on contract
- Holistic approach to self-employed – with specialist underwriters trained by accountants able to fully assess affordability
- Customers with impaired credit
- Minimum income £12,500
- Lending in England, Scotland and Wales.
Mr Andrews said: “In our first phase of mortgage products we are bringing to market a flexible and inclusive product on competitive rates via a select panel of specialist brokers. Expect, in time, to see greater distribution and product innovations to truly challenge the market. Underlying all of that will be Masthaven’s track record and commitment to service, derived from a truly personalised approach which means that we hunt for ways to say yes rather than letting a computer say no.”
Masthaven launched as a retail bank in November 2016 building on its track record as a specialist lender since 2004. The organisation currently offers bridging and second charge mortgages and development finance alongside an award-winning flexible savings product.
For further information log onto www.masthaven.co.uk/lending/mortgages/
Launch Distribution Partners
- L&G Club (MAB, Stonebridge, John Charcol, HLP and IN Partnership);
- All Types of Mortgages;
- Clever Lending;
- Complete FS;
- Crystal Mortgages;
- The Finance Centre;
- First Choice;
- Freedom Finance (Mortgages);
- The Lending Channel;
- Needham (Just Mortgages).
- Positive Lending;
- Select Partnership;
- Sterling Green;
- Think Money;
- First Choice;
Visit our Mortgages
page for more information.