Masthaven has announced today that it has implemented a series of rate reductions across its range of secured loans, first charge residential and Buy-to-Let mortgages.
The move, ahead of Masthaven’s launch as a retail bank expected late summer, marks the beginning of a more competitive pricing strategy for the organisation.
On Secured Loans Masthaven has announced:
– Reductions of up to 0.5% on the Secured Loans variable rate, with the new headline secured loan rate now 6.75% and the Lender fee still remaining at 2%
– 75% LTV MSL Prime rate reduction by 0.5% to 7.95%
– MSL BTL Secured Loans reduced by 0.4%, with a headline rate of 7.75% and 3 year fixed rates starting at 8.5%
– All other MSL Secured Loans rates have been reduced by 0.4%.
On first charge products Masthaven has announced:
– All residential first charge products have also been heavily reduced, with MSL Prime rates to start at 6.60%.
– First charge BTL range reduced by 0.4% across the range, leading with 7.75%.
– All other first charge rates have been reduced by 0.3%, maintaining the standard Lender fee of 2%.
Jon Sturgess, Head of Sales, Secured Lending at MSL, said:
“Masthaven is very much open for business through the summer months and keen to keep supporting brokers to meet their clients needs. I’m delighted to announce these rate reductions – they mark the start of a stronger pricing strategy going forward.”