Masthaven has made major enhancements to its second charge mortgage range including a market leading rate with a focus on ‘prime’ customers, as it responds to increasing broker demand. Its new two-year discount product will start at 3.74% and is available for borrowers with a clean credit history.
The new range – covering both residential and buy-to-let – also sees positive adjustments to lending criteria from the new retail bank. It will now consider applications based on the last 12 months credit history; is increasing the maximum loan size to £750,000 and has revised its early repayment charges to 1% across all fixed rate products.
Jon Sturgess, Head of Sales at Masthaven, said: “Since we launched as a retail bank last year, we’ve seen increased demand via brokers for second charge borrowing for customers across a wide spectrum of credit profiles. This move meets their needs, as well as providing a great market leading rate for customers with clean credit histories, and the ability for them to borrow more.”
The new rates are effective from 7 April 2017
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Masthaven's enhancement of its Second Charge mortgage product obtained coverage in Loan Talk and Secured Loan Directory.