The bank will price the blended loan at the first charge rate in reference to the overall loan-to-value (LTV) of the mortgage.
This means a person owning a main residential property with a bridge of below 40% LTV overall would receive a rate of 0.49%.
The new rate is only available to Masthaven’s selected panel of premier partners and only where the security is residential property.
Sales and marketing director Richard Deacon (pictured) said: “We have responded to broker feedback to support customers across first and second charge products in order to give them the most attractive rates we can for bridging loans. Customer service is really important to us and we are committed to delivering the best products and services.”
First charge bridges are offered for terms of up to 12 months for regulated loans and 18 months for non-regulated loans, with no exit fees or early redemption charges. They span loans of between £100,000, and £5m at a maximum LTV of 70%, including rolled-up interest. Second charges are offered at between £100,000 and £1m with a maximum loan to value of 65%.
Masthaven is a challenger bank based in central London. It launched as a retail bank in 2016 after operating as a provider of bridging loans and secured lending for 12 years. The bank offers flexible and fixed-term savings accounts, bridging loans, development finance and second charge mortgages.