Masthaven Bank have released a product update for intermediaries. To view their products at a glance click here, or here for their full product guide.
Important product changes
Criteria Improvements
Masthaven continue to improve our mortgage/secured loan products and criteria, to provide greater flexibility when placing cases our way. Summary below of these changes below:
- Reduced Interest Rates – Rates reduced on LTV’s above 75% on our Prestige range for 1st and 2nd charges.
- No Early Repayment Charge Product – ERC’s removed from all Lifetime Tracker products across Residential and BTL ranges.
- Higher LTV Redemption Figure – The 1st charge redemption figure will only need to be used between 80-85% LTV (previously 75%-85% LTV).
- DMP/IVA – Between 3-6 months active history considered on Core 3 plan (on referral). Currently, it’s minimum 6 months for Core Plans and minimum 12 months for Prestige plans.
- Waivers – Only required for partner/spouse and other occupiers aged 25 or over.
- Child Benefit/State Pension – Most recent bank statement required to evidence Child Benefit and State Pensions (previously 3 months).
- Agency Workers – Criteria expanded to allow greater flexibility for Professional Agency Workers – Accepted subject to the following:
- Professionals such as doctors, nurses, teachers – minimum of 3 months with the same agency.
- Non-professionals – minimum of 12 months with the same agency.
- Evidence in line with employed applicants.
- Foster Income – Considered on a referral basis, capped at 50% of overall income. Must be evidenced in line with self-employed requirements, with a minimum of 1 year history.
Please find attached our latest Residential & BTL 1st & 2nd charges product guide for ease.