Following their most successful month to date Masthaven Secured Loans (MSL), part of the Masthaven Group, has announced enhancements to both their product range and lending policy. The enhancements made demonstrate a ‘common sense’ approach to underwriting.
Responding to demand from introducers, for the first time MSL is to offer 5 year fixed rates across the entire 2nd charge and BTL product range.
When assessing arrears Masthaven will now accept the highest amount of arrears or the number of total missed payments in the last 12 months.
In addition to the above changes MSL have also introduced the following enhancements:
- Removal of probationary periods for employed applicants.
- An increase in maximum loan size.
- AVM’s now accepted across entire residential range.
- First charge rates reduced by 0.25%
According to Head of Sales, Jon Sturgess, introducers are already excited about the innovations, particularly in the assessment of past arrears.
He said, “Having spent time looking at the needs of our customers based on their credit profile our fresh approach now allows more borrowers to benefit from lower rates. It is clear that there is a requirement to view their arrears position in two different ways, either the total missed or highest missed in 12 months. In addition, our new 5 year fixed rate proposition allows customers to have the peace of mind that their payments won’t increase under the threat of base rate changes.
We have also reduced rates on our first charge loans across the board. Our niche proposition for first charge lending has expanded significantly and the rate reduction will highlight what we offer in this part of the long term market. Lastly we have been delighted with our AVM experience so far and in keeping with our desire to continue to improve our service, we are extending the use of AVM’s to the whole residential range.
2015 is proving to be a great year for Masthaven thanks to our introducers. We believe these latest improvement continue to show our commitment to the introducer market.”