Masthaven rate reductions

by: Fiona Nicolson
  • 14/07/2016
  • 0
Masthaven rate reductions
Masthaven has announced rate reductions across its range of secured loans, first-charge residential and buy-to-let mortgages.

The company said this marked the beginning of a more competitive pricing strategy.

Masthaven has reduced the variable rate on its secured loans by up to 0.5%, with a headline secured loan rate of  6.75% and a lender fee at 2%.

The lender is offering a 75% loan-to-value (LTV) prime rate reduction of 0.5% to 7.95%, with buy-to-let secured loans reduced by 0.4%, offering a headline rate of 7.75% and a three-year fixed rate starting at 8.5%.  All other secured loans rates have been reduced by 0.4%.

The company has also announced reductions to all residential first-charge products, with prime rates starting at 6.60%.

The first charge buy-to-let range has been reduced by 0.4%, leading with a rate of 7.75%.  All other first charge rates have been reduced by 0.3% and maintain the standard lender fee of 2%.

Masthaven’s launch as a retail bank is expected to take place later this summer.

Regulators granted Masthaven Bank a retail banking licence in April this year. Part of Masthaven Finance, the digital bank plans to introduce a customer-led flexible savings and mortgage proposition and employee partnership structure.

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