- The bank’s core bridging product rates now start at 0.43% and these new rates are now also available for re-bridging
- Masthaven has also reduced rates on refurbishment and widened the criteria for its Mini Bridge product
- All products are available on Masthaven’s Short Term Lending Portal
has today announced a number of new changes to its bridging range, which was revamped at the start of 2021. The latest changes include the launch of the bank’s lowest ever bridging rate, the introduction of re-bridging on its core bridging product, and a move towards more flexible lending criteria, designed to give borrowers cost-effective short-term finance they can use for a range of purposes.
Rates on the bank’s core bridging product now start at 0.43% (cut from 0.48%). This is the lowest rate Masthaven has ever offered on a bridging product and the new rate makes the bank’s offering among the most affordable on the market. Additionally, Masthaven has now made re-bridging available on this product. The bank continues to offer this re-bridging option on its Specialist Bridging products as well, which are specifically designed for more complex cases or customers who have a recent adverse credit history.
The bank’s recently launched refurbishment range has seen rate reductions as well. Refurbishment rates now start at 0.48%.
Masthaven has also made criteria changes to its Mini Bridge range. Multiple properties are now accepted on Mini Bridge, which allows for loans between £200,000 and £300,000, and which has been designed for smaller straightforward loans where time is of the essence.
All of these products are available on Masthaven’s Short Term Lending Portal, where brokers have 24/7 access and can get instant and credit-backed decisions in principle.
Alan Margolis, Director of Bridging at Masthaven, said:
“The demand for bridging products has grown over the last year as borrowers and brokers alike have looked for short-term finance solutions that allow them the flexibility to navigate what has been a busy but sometimes difficult market. Lockdowns, Stamp Duty deadlines and pandemic-induced chain breaks have all disrupted the traditional homebuying process and have meant that bridging finance has come into its own.
“In February we revamped our bridging range to cater for this growing demand and to give borrowers the solutions they need to navigate an increasingly complex market. Bridging is now truly a mainstream product and because of this we’ve made sure that our bridging rates are very close to those we offer on our traditional residential mortgages.
“With the introduction of our lowest ever bridging rate and the changes to our lending criteria, we’re making Masthaven’s offering even more competitive and ensuring that we can provide more people with the finance that’s right for them.”
More information about Masthaven’s bridging product range can be found here
0203 404 7700
About Masthaven Bank
Masthaven launched as a retail bank in 2016 and offers award-winning saving and lending products. Prior to that, Masthaven Finance has provided a flexible and personalised approach to bridging loans and secured lending since 2004.
Today, the bank’s knowledgeable and experienced specialists are committed to providing customers with flexible and fixed term savings accounts, bridging loans, development finance and mortgages.
Masthaven was recognised as 2020’s Most Innovative Digital Retail Bank UK by CFI, the third consecutive win for the category. Masthaven won Best Second Charge Mortgage Lender in the Your Mortgage Awards 2018/19 and Customer Service of the Year in the Money Age Mortgage Awards in 2019. It was also awarded Best Specialist Lender in the Moneynet Personal Finance Awards 2019.
Masthaven Finance has featured in 2015’s The Sunday Times’ Virgin Fast Track 100 (at number 81) and the bank ranked 240 in Financial Times’ FT1000 list published in 2017. In 2020 it featured in Forbes as one of the top 10 fastest growing companies in the UK.
The bank is regulated by the Financial Conduct Authority and Prudential Regulation Authority.