Brilliant Solutions

Masthaven Bank Update

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

Masthaven Bank to withdraw from UK lending market over the next two years

Following a comprehensive strategic review of the business, Masthaven Bank has taken the decision to withdraw from the UK banking market over the next two years.

During that time we will reduce and ultimately sell our loan books and return deposits to our savings customers.

Masthaven is working closely with the UK banking regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Both organisations are aware of the bank’s plans and the measures it has put in place to ensure that the interests of customers, employees, intermediaries, suppliers and other stakeholders are considered and protected during the two-year process.

What this means for pipeline business

2nd February 2022

All Mortgage and Bridging products will be withdrawn from sale. Any DiPs will need to be submitted by 5.30pm.

4th February 2022

Application deadline for accepted Mortgage and Bridging DiPs.

28th February 2022

Deadline for binding offers to be issued for Mortgage and Bridging applications.

All offers will be honoured in line with our terms and conditions, and we’ll continue to consider extensions on our residential and buy to let mortgage offers in line with our current process. All procuration fees will continue to be paid as normal.

Please be assured that our teams are committed to processing all pipeline business as quickly as possible and will work with you to get the best outcome for you and your customers.

As all our lending products are being withdrawn, we’d ask you to remove them from any of your marketing materials as soon as possible.

Getting in touch

Following this announcement our phone lines may be busier than normal so to help you understand how this impacts you and your customers, please read our FAQs.

We’ll continue to keep you updated but I would like to thank you on behalf of everyone at Masthaven Bank for your support over the years.

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