This means that from today Paradigm member firms will be able to access Masthaven’s range of first and second-charge mortgage products.
Masthaven’s first-charge mortgage products are offered up to 80% loan to value (LTV) with rates from 2.94% on a repayment basis, with both interest-only and part and part mortgages available up to 60% LTV.
The second-charge range is available up to 75% LTV with rates from 3.84%; Masthaven’s second-charge buy-to-let products are available up to 75% LTV.
The lender offers loans to both the self-employed and contractors who have three months in a role. It also lends to those with some adverse credit allowing CCJs and defaults under £300 or over 36 months.
John Coffield, head of paradigm mortgage services (pictured), said that the number of quality challenger banks and mortgage lenders operating in the marketplace has grown significantly in recent years as shown by the latest UK Finance lending figures too.
He added: “Masthaven Bank is certainly one of those institutions and its commitment to all parts of the mortgage market, not just the mainstream, is evident in its product range and criteria. We feel certain that many Paradigm firms will have clients who will benefit from the lack of credit scoring and the significant flexibility that it offers. We look forward to working with the Masthaven team and introducing them and their range to our members.”
Matt Andrews, Masthaven Bank’s managing director of mortgages, said: “Masthaven is working with Paradigm and its mortgage intermediaries as part of our mission to make the specialist market more accessible for brokers and customers alike.
“Distribution partnerships such as this one are vital to this effort. Masthaven products are designed for customers that don’t fit the traditional high-street ‘cookie cutter’ approach. Paradigm is a leading mortgage distributor with strong expertise in the specialist market, and we’re confident that Paradigm’s DA firms will be able to find the answers to their customer needs.”