Masthaven cuts bridging rates after bank launch
By Alex LynnChallenger bank Masthaven has slashed rates on its bridging finance products following its entry into the retail banking market
Section: mobile apps categories
The bank has lowered both rates and valuation fees across each of its four bridging finance products, as well as introducing restricted legal fees and rolled-up interest.
The news follows the official launch of Masthaven Bank earlier this week.
Richard Deacon, sales and marketing director at Masthaven said “Becoming a bank provided us with the opportunity to restructure our bridging loans to be more competitive, while still maintaining the excellent customer service that we already deliver to our brokers and intermediaries.
“Our short-term loans are adapted to suit each customer’s individual needs; a flexible solution for people who may not ‘tick’ the usual boxes.”
Residential products affected by the cuts include Masthaven’s first charge, second charge, and renovation and refurbishment bridging loans.
The bank’s first and second charge commercial bridging loans have also been refreshed.
New product criteria and features
Residential first charge bridging loans
- England, Wales & Scotland
- £100,000-£5m
- Maximum loan-to-value 70%, including rolled-up interest
- Terms up to 12 months for regulated loans and 18 months for non-regulated loans
- No exit fee or early redemption charge
Residential second charge bridging loans
- England, Wales & Scotland
- £100,000-£1m
- Maximum loan to value 65%, including rolled-up interest
- Terms up to 12 months for regulated loans and 18 months for non-regulated loans
- No exit fee or early redemption charge
Residential renovation and refurbishment bridging loans
- England, Wales & Scotland
- £100,000-£2m (first charge), £500,000 (second charge)
- Maximum loan to value 65% (first charge), 60% (second charge)
- Terms up to 12 months for regulated loans and 18 months for non-regulated loans
- No exit fee or early redemption charge
Commercial first and second charge bridging loans
- England, Wales and Scotland (first charge), England and Wales (second charge)
- £100,000-£1m (first charge), £250,000 (second charge)
- Maximum loan-to-value 60% (first charge), 50% (second charge)
- Terms up to 12 months for regulated loans and 18 months for non-regulated loans
- No exit fee or early redemption charge
Keywords: Masthaven Bank, Challenger bank, Richard Deacon, bridging finance, residential, commercial, property, first charge, second charge, renovation, refurbishment, briding loans