Masthaven Secured Loans (MSL) has revamped its product and pricing with an emphasis on the non-credit score prime and near-prime sectors of the market.
The main details are as follows:
- Rates start at 8.95%
- Adverse credit ignored over two years (refer to criteria)
- Maximum loan now £130,000 (more on referral)
- All plans now up to at least £100,000
- A buy-to-let borrower no longer needs to be homeowner
- Sole married applicant now acceptable on buy-to-let (residential on referral)
- Maximum age increased to 80
- Ex-local authority flats up to 70% LTV
Paul Brett (pictured), sales director at MSL, said: “With rates now starting at 8.95%, we are more competitive than, or comparable with, our competitors in the non-credit score prime and near prime sectors of the market. With this being an area of the market, which will also include a growing number of cases caused by the overreaction of some remortgage lenders to the MMR, I expect this sector to expand in the coming months.
“Being able to deal with mandated underwriters who can and will make decisions and knowing they will apply common sense to their decisions has always been a hallmark of the MSL experience. Along with our criteria and pricing changes, brokers now have a great combination to bring clients.”