Masthaven has announced today that it has implemented a series of rate reductions across its range of secured loans, first charge residential and Buy-to-Let mortgages.
The move, ahead of Masthaven’s launch as a retail bank expected late summer, marks the beginning of a more competitive pricing strategy for the organisation.
On Secured Loans Masthaven has announced:
- Reductions of up to 0.5% on the Secured Loans variable rate, with the new headline secured loan rate now 6.75% and the Lender fee still remaining at 2%
- 75% LTV MSL Prime rate reduction by 0.5% to 7.95%
- MSL BTL Secured Loans reduced by 0.4%, with a headline rate of 7.75% and 3 year fixed rates starting at 8.5%
- All other MSL Secured Loans rates have been reduced by 0.4%.
On first charge products Masthaven has announced:
- All residential first charge products have also been heavily reduced, with MSL Prime rates to start at 6.60%.
- First charge BTL range reduced by 0.4% across the range, leading with 7.75%.
- All other first charge rates have been reduced by 0.3%, maintaining the standard Lender fee of 2%.
Jon Sturgess, Head of Sales, Secured Lending at MSL, said, “Masthaven is very much open for business through the summer months and keen to keep supporting brokers to meet their clients needs. I’m delighted to announce these rate reductions – they mark the start of a stronger pricing strategy going forward.”