Masthaven moves into specialist residential mortgage market

The bank, which launches today (30 June), does not require credit scores and will provide manual underwriting where required. Masthaven is working wit

The bank, which launches today (30 June), does not require credit scores and will provide manual underwriting where required.

Masthaven is working with a select panel of specialist brokers at launch (listed at the end of this article), and intends to extend distribution to the wider UK market before the end of the year.

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

Matt Andrews, managing director of mortgages at Masthaven, said: “Society has changed and it is time the mortgage industry caught up.  We believe that a modern mortgage market builds products and services based on customer needs, rather than applying a one-size-fits-all approach to lending.

“People are working and living longer, starting out adult life in greater debt due to tuition fees and a job is no longer for life, with a huge swathe of the population either self-employed or not working the traditional 9-5 contract job.

“Many won’t fit the conventional box ticking exercises that the mortgage market currently requires, yet they can comfortably afford the mortgage repayments they wish to commit to.  We want to work with brokers to help change this situation and this first range of products is just the start of driving that change.”

Masthaven’s residential range includes:

  • Loans from £40,000 to £1 million
  • Loan term from five to 35 years
  • Up to 80% LTV
  • Lender fee of £995 applies to all mortgages
  • Interest-only / part & part up to 60% LTV
  • No credit score check
  • Customers aged up to 85 years old at the end of the term of the loan
  • Contractors and employed with short history –three months in job or one month remaining on contract
  • Holistic approach to self-employed – with specialist underwriters trained by accountants able to fully assess affordability.
  • Customers with impaired credit
  • Minimum income £12,500
  • Lending in England, Scotland and Wales
  • Three product categories with a broad range of criteria

Andrews said: “In our first phase of mortgage products we are bringing to market a flexible and inclusive product on competitive rates via a select panel of specialist brokers.  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 launched as a retail bank in November 2016 building on its track record as a specialist lender since 2004.  The organisation currently offers bridging and second charge mortgages and development finance alongside an award-winning flexible savings product.

Launch distribution partners

  • L&G Club (MAB, Stonebridge, John Charcol, HLP, Charles Cameron, Finance Planning, MSN and IN Partnership); prior to full club roll out
  • All Types of Mortgages;
  • Brightstar;
  • Clever Lending;
  • Complete FS;
  • Crystal Mortgages;
  • The Finance Centre;
  • First Choice;
  • Freedom Finance (Mortgages);
  • The Lending Channel;
  • Needham (Just Mortgages).
  • Norton;
  • Positive Lending;
  • Select Partnership;
  • Sterling Green;
  • Think Money;
  • Y3S.
  • 3mc
  • Promise Solutions;
  • Smart Money;
  • Brunel Mortgages;
  • And all intermediaries that currently work with Masthaven


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