The new offering will be available for both purchases and remortgages with2and 5-year fixed rate options at 70%-75% LTV, as well as a 2-year variable option alsoat70%-75% LTV.
Masthaven has launched a buy-to-let mortgage range, initially available exclusively for brokers through the Buy to Let Club.
The new offering will be available for both purchases and remortgages with2and 5-year fixed rate options at 70%-75% LTV, as well as a 2-year variable option alsoat70%-75% LTV.
These start from 3.44% with a maximum portfolio limit of up toeightproperties and a maximum of £2,000,000 indebted with Masthaven. Other product features include no dual pricing for limited companies, individuals or houses of multiple occupancy (HMO).
Masthaven consulted with key partners, including Buy to Let Club, when creating this range to ensure it would meet the needs of advisers and consumers alike.
Matt Andrews, managing director of mortgages at Masthaven, said: “We’ve always had aaspirationto launch it. Although the volumes are slightly softer, buy-to-let is still a good £30bn plus market which we’re familiar with because we’ve already been offering a second charge buy-to-let,which we’re strong at.
“We’re working with the Buy to LetClub which are a tremendous figure in the industry. We’ve spent time crafting the product and where it’ll fit in the market.”
“We’ve got ambitious objectives for this year but the main objective is safely launching with our distribution partners and delivering what we say we’ll deliver.”
Masthaven is launching at a time when the buy-to-let market has been hit by PRA changes, introducing stricter stress tests and a 3% stamp duty surcharge for landlords.
There are also mortgage tax relief changes,meaning landlords are being taxed on their rental income rather than their profits.
But Andrews insisted Masthavenisprepared andfeltit was still a good time to launch intothe market.
Headded: “More than ever with challenges, you want competitive products offering solutions to brokers and customers so it’s a great time to launch.
“The buy-to-let changes have been talked about a lot but the most important thing is brokers and lenders become comfortable with all the legislation changes and make sure they make all the right decisions and give customers good tax advice. We’re offering all these solutions.”
With lots of competition in the market that increasingly looks less attractive for prospective landlords, its important new entrants find their own niche.
Andrewssaid: “I think what sets us out from the rest is flat pricing, a really simple product range to understand and bluntly doing the job properly, delivering the service brokers want with well-priced products in the market.
“This new range brings with it some very exciting elements as we further expand our specialist lending offering, reflecting the long-term plans of Masthaven.
“We’ll be launching with the Buy to Let Club initially andwillbe working closely with their underwriters to make sure it works before we roll out with broader distribution. The aspiration would be to get up and running in a couple of months.”
Ying Tan, managing director, Buy to Let Club, said: “We are delighted to have had the opportunity to assist Masthaven with the development of their new buy-to-let range.
“Due to increased regulation and change in the market, investors and brokers alike are certainly looking for lenders who show a more flexible approach to lending and I believe Masthaven’s new proposition certainly hits the mark.
“We’re excited to offer our members exclusive access to these brand new rates that we expect will generate a lot of interest.”
