Masthaven enters residential mortgage market

 

Masthaven will enter the residential mortgage market tomorrow.

The lender will target customers with complex application requirements, removing the need for credit scores and providing manual underwriting where required.

It will launch through a panel of specialist brokers and wants to extend distribution to all brokers by the end of 2017.

The new product range includes a two-year fix from 2.94 per cent, a five-year fix from 3.44 per cent and a lifetime tracker from 3.44 per cent.

Masthaven will lend between £40,000 and £1m and from five to 35 years.

It will lend to customers with up to 20 per cent deposits, or 40 per cent for interest-only or part & part loans.

It will also lend to those aged up to 85, contractors, the self-employed and those with poor credit.

Masthaven managing director of mortgages Matt Andrews says: “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 currently offers bridging, second charge mortgages, development finance and savings.