Masthaven, the specialist bank, has today announced the launch of its revamped Buy to Let range which now offers products that meet the demand of the diverse rental sector.
Designed to give brokers an easy to understand BTL proposition, Masthaven’s new BTL proposition includes flexible criteria points, rates for non-traditional tenants and landlords and complex properties and is available for individuals, professional landlords and limited companies.
Masthaven has also reduced rates across its standard Buy to Let range, giving brokers a more competitively priced proposition.
The new offering comprises of three products:
Specialist Standard product with two and five-year fixed rate options up to 75% LTV starting from 3.09% (down from 3.14%) with a maximum portfolio limit of up to 8 properties and a maximum value of £2,000,000 with Masthaven. Key features: takes into consideration those with failed credit scoring, and allows gifted equity from family
Specialist Property product with two and five-year fixed rate options up to 70% LTV starting from 3.63%. Key features: designed to take into account more complex properties including HMOs with up to ten bedrooms, flats up to 20 floors and retirement properties
Specialist Landlord / Tenant product with two and five-year fixed rate options up to 70% LTV starting from 3.89% catering for both non-traditional tenants and landlords. Key features: Airbnb/holiday lets allowed and applicants will be able to remortgage with less than six months’ ownership
The new range reflects both broker and customer feedback and demand following Masthaven’s launch into buy to let last year.
Matt Andrews, Managing Director of Mortgages, Masthaven, says:
"The rental sector has undergone some big changes over the last few years and some landlords and tenants have felt the strain. In a bid to support the market, we wanted to create a product range that offers brokers access to products that meet market needs.
“We want to offer products that suit UK borrowers. As mortgage requirements change, the industry must offer affordable and flexible options that keep up with modern life.
“We listened carefully to our brokers and believe our new range will support their clients’ needs.”
Doug Hall, Director of 3mc, says:
“Masthaven’s revamped buy to let product suite will provide a much-needed boost to the intermediary market.
“Buy to let has been in need of innovation for some time, so we’re extremely pleased to see this distinct new offering from Masthaven.
“Masthaven have made BTL fit for the modern landlord and tenant with a set of three products that are easy for brokers and borrowers to understand, feature lots of relevant criteria points and bring buy to let into the modern world. We look forward to offering this product to our clients.”
About Masthaven Bank Ltd
Masthaven launched as a retail bank in 2016. It 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. The bank is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register no. 719354). Masthaven was named ‘Best Bridging Lender’ in the Coreco Awards (2017); ‘Most Innovative Savings Provider’ in the Moneynet Personal Finance Awards (2017 and 2018); and ‘Best Specialist Lender’ in the Moneynet Personal Finance Awards (2018). Masthaven Finance featured in 2015’s The Sunday Times’ Virgin Fast Track 100 (at number 81). Masthaven Bank was ranked 240 in Financial Times’ FT1000 list (2017).
FOR FURTHER INFORMATION
Gaby Bryson, Rostrum
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