The product is available up to 65% loan-to-value.
Across its residential and buy-to-let second charge range, Masthaven has improved its lending criteria.
It will now consider applications based on the last 12 months’ credit history. The lender has also increased its maximum loan size to £750,000 and has revised its early repayment charges to 1% across all fixed-rate products.
Jon Sturgess (pictured), head of sales at Masthaven, said: “Since we launched as a retail bank last year, we’ve seen increased demand via brokers for second charge borrowing for customers across a wide spectrum of credit profiles. This move meets their needs, as well as providing a great market leading rate for customers with clean credit histories, and the ability for them to borrow more.”
Earlier this week, the bank lowered the rates on its residential and buy-to-let bridges for customers buying a combination of first and second charge products.