Masthaven revamps buy-to-let range
Specialist bank Masthaven has launched a revamped buy-to-let range and has reduced rates across its standard buy-to-let range.
The proposition includes flexible criteria points, rates for non-traditional tenants and landlords and complex properties and is available for individuals, professional landlords and limited companies. The range follows Masthaven’s launch into buy-to-let last year.
Matt Andrews, managing director of mortgages, Masthaven, said: “The rental sector has undergone some big changes over the last few years and some landlords and tenants have felt the strain.
“In a bid to support the market, we wanted to create a product range that offers brokers access to products that meet market needs.
“We want to offer products that suit UK borrowers. As mortgage requirements change, the industry must offer affordable and flexible options that keep up with modern life.
“We listened carefully to our brokers and believe our new range will support their clients’ needs.”
Doug Hall, director of 3mc, added: “Masthaven’s revamped buy to let product suite will provide a much-needed boost to the intermediary market.
“Buy to let has been in need of innovation for some time, so we’re extremely pleased to see this distinct new offering from Masthaven.
“Masthaven have made buy-to-let fit for the modern landlord and tenant with a set of three products that are easy for brokers and borrowers to understand, feature lots of relevant criteria points and bring buy to let into the modern world. We look forward to offering this product to our clients.”
There’s a specialist standard product with 2 and 5-year fixed rate options up to 75% loan-to-value starting from 3.09%, down from 3.14%, with a maximum portfolio limit of up to eight properties and a maximum value of £2m with Masthaven.
The lender takes into consideration those with failed credit scoring, and allows gifted equity from family.
Furthermore, there’s a specialist property product with 2 and 5-year fixed rate options up to 70% LTV starting from 3.63%. It’s designed to take into account more complex properties including HMOs with up to 10 bedrooms, flats up to 20 floors and retirement properties.
There’s also a specialist landlord/tenant product with 2 and 5-year fixed rate options up to 70% LTV starting from 3.89% catering for both non-traditional tenants and landlords. Airbnb/holiday lets are accepted and applicants will be able to remortgage with less than six months’ ownership.