Masthaven Bank’s residential offering will prioritise speed and turnaround times to help house purchasers in competitive markets, its managing director of mortgages Matt Andrews has indicated.
The bank already operates in the bridging and second charge markets – and after launching its residential offering today the plan is to have the same focus on getting deals over the line as in those markets.
Matt Andrews, managing director of mortgages at Masthaven, said: “We do think there’s a need for speed and we do think we’re equipped to be fast.
“We operate really quickly in seconds and bridging and we have a head of lending who every day challenges why we can’t do the same with first charge as second charge.
“We believe we can challenge the speed it takes in this market and we look forward to coming back in a couple of months to show how we got on.”
Masthaven is using a DPR software solution for application submissions, after which they are all looked at manually.
Andrews added: “In the purchase market if you go to see a two bedroom flat there may be 10 people going for it.
“You need a lender who can give you the mortgage offer quickly because you are in competition.
“Customers also want remortgages quick so they can start carrying out home improvements straight away.”
Masthaven lends up to 80% loan-to-value and offers 2-year fixes from 2.94%, 5-year fixes from 2.33% and a lifetime tracker from 3.44%.
In the fourth quarter of the year it will launch into buy-to-let lending.