Masthaven cuts rates and scraps bank statements for self-employed and BTL

  • 26/08/2021
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Masthaven cuts rates and scraps bank statements for self-employed and BTL
Masthaven Bank has updated its residential range cutting four lots of rates and flexing criteria such as not requiring bank statements on all self-employed and buy-to-let cases.


A rate cut of 20 basis points (bps) was applied to the lender’s two-year fixed first charge residential mortgage, giving a starting rate of 3.04 per cent.

The two-year fixed fee-free version was reduced also by 20 bps to start from 3.54 per cent. 

The five-year fixed equivalents were lowered by 25 bps, to go from 3.34 per cent, and for the fee-free 3.64 per cent.

The criteria relaxations saw additional earnings like bonus and overtime allowed in affordability calculations.

Changes for self-employed cases saw projections now considered, as well as not having to provide bank statements in all circumstances.

BTL cases also do not now require bank statements in all situations. 

Further, the lender extended its policy on automated valuations so that they are now possible for purchase and BTL cases, and up to £350,000 on first and second charge.

Rob Barnard, director of intermediaries at Masthaven (pictured), said that “a return to many of our pre-Covid underwriting approaches”, would let the lender “continue supporting borrowers, brokers and the wider market, even as some may begin seeing affordability issues owing to high prices, the end of stamp duty relief and the furlough scheme closing.”

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