Masthaven Secured Loans (MSL) has announced changes to its product range and lending policy following feedback from introducers.
MSL is to offer five-year fixed rates across its whole second charge and buy-to-let product range for the first time.
In addition, when assessing arrears Masthaven will now accept the highest amount of arrears or the number of total missed payments in the last 12 months.
MSL has also removed probationary periods for employed applicants and announced an increase in maximum loan size.
AVMs are now accepted across the entire residential range, while first charge rates have been reduced by 0.25 percentage points.
Jon Sturgess, MSL’s head of sales, said: “Having spent time looking at the needs of our customers based on their credit profile our fresh approach now allows more borrowers to benefit from lower rates. It is clear that there is a requirement to view their arrears position in two different ways, either the total missed or highest missed in 12 months.
“In addition, our new five-year fixed rate proposition allows customers to have the peace of mind that their payments won’t increase under the threat of base rate changes.
“We have also reduced rates on our first charge loans across the board. Our niche proposition for first charge lending has expanded significantly and the rate reduction will highlight what we offer in this part of the long term market. Lastly, we have been delighted with our AVM experience so far and in keeping with our desire to continue to improve our service, we are extending the use of AVM’s to the whole residential range.
“2015 is proving to be a great year for Masthaven thanks to our introducers. We believe these latest improvement continue to show our commitment to the introducer market.”