Masthaven Secured Loans (MSL) is contemplating the withdrawal of its rate discount for pet owners, who take out a second charge product in 2014.
Paul Brett, MSL’s sales director, admitted the Masthaven board is puzzled by the lack of interest from brokers.
He said: “We are not sure whether most of the customers this year have been pet free or whether we have not publicised it effectively. There has also been some confusion over what constitutes a pet. Cases we have had involving requests for the discount from owners of animals kept for commercial purposes, such as farmers, have had to be rejected and though many applicants consider these animals to be part of the family, we have been unable to help.
“The same was also true of a case involving a pre school nursery based in a residential building, looking for a second charge to redevelop the property, where the principal was trying to pass off the children’s guinea pigs as her own.
“We are still hopeful that brokers will call us on cases already in the pipeline to pick up the discount. To satisfy our criteria, all we need is a photograph of the pet signed by a family vet along with the vet’s qualification (MRCVS – Member of the Royal College of Veterinary Surgeons or above) to go with the application, but I would urge brokers to call to let us know that the extra documentation is on its way.”
