Legal and General Mortgage Club adds Masthaven to second charge panel

The lender’s range through the mortgage club will start from 3.74% at up to 75% LTV for loans of between £10,000 and £750,000.

It said it had launched the range to provide more options to borrowers looking to raise capital –  from securing a deposit for a buy-to-let property, to making home improvements or supporting the funding of a new business.

County Court Judgments (CCJs) or defaults of under £300 or older than 36 months will not factor as a unit on the product and there is also no age limit on the application.

Earlier this week at The Specialist Lending Event 2018, Masthaven managing director of mortgages Matt Andrews (pictured) said the lender was also consider how to support older, self-employed borrowers.

Commenting on the launch, Andrews added that the lender was pleased to be working with L&G Mortgage Club.

“Second charge mortgages have changed significantly – but while they are cheaper and more flexible than ever before, so many borrowers continue to find their personal circumstances can get in the way of their real-life needs,” he said.

Legal & General Mortgage Club head of lender relationships Danny Belton added: “Masthaven’s proposition offers strong and competitive criteria in this sector of the mortgage market and its presence on our panel provides even more choice to brokers that wish to write these loans themselves and submit direct to the lender.”