Launched to complement its existing BTL facility for unencumbered property, the new product provides an avenue for customers who, due to difficulty meeting normal BTL criteria, are usually shut out of the BTL market.
Features include rates from 9.85% and LTVs up to 70%.
According to Paul Brett, Director of Sales at MSL, brokers are one of the best sources for new product ideas, and those with clients who have been turned away for BTL funding now have a new angle to explore.
He said:
“As a lender we encourage brokers to talk about their ideas and requirements because they are at the coalface every day talking to clients. Developing products in isolation and forcing brokers to shoehorn clients into those products, is not the Masthaven way. Our new purchase BTL offering is a perfect example of collaboration between us and our intermediary partners to bring something a little different to a rapidly growing market.”
