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Masthaven teams up with Legal & General to launch second charge range

Masthaven has launched its second charge mortgage range with competitive rates available via Legal & General Mortgage Club.

With this partnership, Masthaven aims to provide it clients with access to a bank that takes a straight-forward approach to a customer’s lending needs and broaden the options available to brokers across the UK.

Rates on Masthaven’s second charge range with Legal & General will start from 3.74% up to 75% loan-to-value (LTV) – available on loans between £10,000 and £750,000. This will provide more options for borrowers looking to raise capital.

Matt Andrews, managing director of mortgages at Masthaven, said he is excited to launch the second charge mortgage range with Legal & General. “Second charge mortgages have changed significantly,” he said, “but whilst they are cheaper and more flexible than ever before, so many borrowers continue to find their personal circumstances can get in the way of their real-life needs.”

“Whether it’s pulling together a deposit for their first buy-to-let investment, funding home improvements or even just consolidating debt, we believe borrowers need a lender that really looks at their individual circumstances and does what it can to say ‘yes’.”

He added: “Brokers will be well aware of the difficulties many of their clients face when securing funding. At Masthaven, we believe this new competitive range will provide our intermediary partners with a great new option for their clients who want a bank that takes a common-sense approach to their individual situations.”

The bank says it is committed to fair lending. Rather than be assessed by credit scoring, borrowers will have their real-life circumstances taken into account. County court judgements (CCJs) or defaults under £300 or older than 36 months will not be included as a unit on the product. There is no age limit on the application.

“I am delighted to have Masthaven as part of the Legal & General Mortgage Club’s second charge offering,” said Danny Belton, head of lender relationships at Legal & General.

“Masthaven’s proposition offers strong and competitive criteria in this sector of the mortgage market and their presence on our panel provides even more choice to brokers that wish to write these loans themselves and submit direct to the lender.”

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