"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."
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%.
Masthaven will lend up to 80% LTV on loans up to £1m. The Bank will also offer interest only/part and part up to 60% LTV.
It is working with a select panel of specialist brokers at launch, and intends to extend distribution to the wider UK market before the end of the year.
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.
“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.”
Launch distribution partners include 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, and Brunel Mortgages.
