Masthaven has cut rates across its range of secured loans, first charge residential and buy-to-let mortgages.
It said the move marks the beginning of a more competitive pricing strategy for the lender, which comes ahead of Masthaven’s launch as a retail bank in the late summer.
For its secured loans, Masthaven has made reductions of up to 0.5 percentage points on the secured loan variable rate, with the new headline secured loan rate now 6.75% and the lender fee still remaining at 2%.
The 75% LTV Masthaven Secured Loans (MSL) prime rate has been cut by 0.5 percentage points to 7.95%, while MSL buy-to-let secured loans have been reduced by 0.4 percentage points with a headline rate of 7.75% and three-year fixed rates starting at 8.5%.
All other MSL secured loan rates have been reduced by 0.4 percentage points.
On first charge products Masthaven has announced that all residential first charge products have also been reduced, with MSL prime rates to start at 6.60%.
Its first charge buy-to-let range has been reduced by 0.4 percentage points across the range, leading with 7.75%. All other first charge rates have been reduced by 0.3 percentage points, maintaining the standard Lender fee of 2%.
Jon Sturgess, head of sales for secured lending at MSL, said: “Masthaven is very much open for business through the summer months and keen to keep supporting brokers to meet their clients needs.
“I’m delighted to announce these rate reductions – they mark the start of a stronger pricing strategy going forward.”