Matt Andrews, MD of Mortgages at Masthaven, says the company’s decision to entering the residential mortgage market with a new range of products is simply a sign of the times.
Mortgages at Masthaven's service has been developed to better meet the needs of today’s borrowers, he says. Combining its many years of specialist lending knowledge and service with highly competitive rates, the bank is looking to support brokers whose customers have more complex application requirements, removing the need for credit scores and providing manual underwriting where required.
And Mr Andrews said: “Society has changed and it is time the mortgage industry caught up. We believe that a modern mortgage market builds products and services based on customer needs, rather than applying a one-size-fits-all approach to lending.
"People are working and living longer, starting out adult life in greater debt due to tuition fees and a job is no longer for life, with a huge swathe of the population either self-employed or not working the traditional 9-5 contract job. Many won’t fit the conventional box ticking exercises that the mortgage market currently requires, yet they can comfortably afford the mortgage repayments they wish to commit to. We want to work with brokers to help change this situation and this first range of products is just the start of driving that change.”
Masthaven is working with a select panel of specialist brokers at launch, and intends to extend distribution to the wider UK market before the end of the year. The new product range includes a two-year fix from 2.94%, a five-year fix from 3.44% and a lifetime tracker from 3.44%.