New challenger bank Masthaven has now completed its first second charge mortgage, working with CSCLoans.

Masthaven manually underwrites cases – helping borrowers whose circumstances may not tick all the traditional boxes to secured lending. In this instance it provided a £341,000 loan at ‘the best rate on the market’ according to CSCLoans, to a self-employed couple who hadn’t taken a dividend or salary in year one as they reinvested in the business.

This meant that the couple didn’t comply with standard ‘two years of company income’ lending requirements.

But Masthaven’s team took a broader view, reviewing affordability and sustainability of income, approving the loan and allowing them to consolidate existing loans and borrow to carry out further home improvements.

Mark Fry, of CSCLoans, said: “We placed the application with Masthaven because although the applicant had been trading just over two years they did not take a dividend or salary from the business in the first year as wanted to retain profits in the company.

“This caused an issue with the lenders that require two years of income when assessing the application, yet we knew they had a strong business and could meet their obligations.

“The team at Masthaven were happy to take a detailed review of the affordability and sustainability of income and took the time to review the supporting evidence provided such as contracts and management accounts that showed that this current year’s income levels were due to be higher than last year’s.”

Jon Sturgess of Masthaven said: “It is a delight to be celebrating our first second charge mortgage working with CSCLoans.
“This application illustrates exactly the type of lending Masthaven prides itself on – looking outside the tick boxes at real lives and working out how to help customers meet their needs.”