Masthaven Product Update

Posted by Marketing on March 31, 2020

Masthaven are making some temporary changes to their product range and criteria to reflect the current coronavirus situation.  They will, of course, continue to monitor the situation and keep you updated.  

They're making the following changes tomorrow:

First charge residential products

MB0 - maximum LTV now 75%

MB1 - maximum LTV now 75%

MB2 - no longer available

First charge buy to let products

Specialist Property - no longer available

Specialist Landlord/Tenant - no longer available

Second charge residential products

MS0 - maximum LTV now 70%, maximum loan now £150,000

MS00 - maximum LTV now 70%, maximum loan now £150,000

MS1 - no longer available

MS2 - no longer available

Second charge buy to let no longer available

Affordability criteria

Employed applicants - Masthaven are not able to consider using any variable elements of pay like overtime, bonus or commission.  Please only enter basic annual salary when completing an affordability assessment/DIP

Zero-hour contracts - Will not be considered except for key workers as defined by the government during COVID-19

Contractors - They need a minimum of 3 months remaining on a current contract or evidence of a contract renewal for at least 3 months

Self-employed - Masthaven are not able to consider using projected income

Underwriting criteria

Debt consolidation - at the time of the application, the total value of unsecured debt must be no greater than the customer(s)’ total annual income, all unsecured debts must be operating within their agreed credit limit, and the loan must be on capital and interest repayment

They'll also be reviewing all pre-offer applications to assess the customer's long term affordability in view of COVID-19.  Mortgage offers that have already been issued remain valid.