Masthaven Secured Loans has upgraded its product and pricing with an emphasis on the non-credit score prime and near-prime sectors of the market, which are two of the areas where Masthaven has made its name strong among intermediaries.
Paul Brett, sales director at MSL, said: “With rates now starting at 8.95%, we are more competitive than, or comparable with, our competitors in the non-credit score prime and near prime sectors of the market.
With this being an area of the market, which will also include a growing number of cases caused by the overreaction of some remortgage lenders to the MMR, I expect this sector to expand in the coming months.”
He added: “Being able to deal with mandated underwriters who can and will make decisions and knowing they will apply common sense to their decisions has always been a hallmark of the MSL experience. Along with our criteria and pricing changes, brokers now have a great combination to bring clients.”
Key features include:
• Rates start at 8.95%
• Adverse credit ignored over two years (refer to criteria)
• Maximum loan now £130,000 (more on referral)
• All plans now up to at least £100,000
• BTL borrower no longer needs to be homeowner
• Sole married applicant now acceptable on BTL (Residential on referral)
• Maximum age increased to 80
• Ex local authority flats up to 70% LTV