Masthaven has launched a new buy-to-let range which includes flexible criteria points, rates for non-traditional tenants and landlords and complex properties.
The products are available for individuals, professional landlords and limited companies.
Masthaven has also reduced rates across its standard buy-to-let range.
The new offering comprises of three products:
- A Specialist Standard product with two and five-year fixed rate options up to 75% LTV starting from 3.09% (down from 3.14%) with a maximum portfolio limit of up to eight properties and a maximum value of £2,000,000 with Masthaven. It takes into consideration those with failed credit scoring, and allows gifted equity from family.
- A Specialist Property product with two and five-year fixed rate options up to 70% LTV starting from 3.63%. It is designed to take into account more complex properties including HMOs with up to 10 bedrooms, flats up to 20 floors and retirement properties.
- A Specialist Landlord/Tenant product with two and five-year fixed rate options up to 70% LTV starting from 3.89% catering for both non-traditional tenants and landlords. Airbnb/holiday lets are allowed and applicants will be able to remortgage with less than six months’ ownership.
Matt Andrews, managing director of mortgages at 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.”