Masthaven has announced changes to its buy-to-let mortgage range, including flexible criteria, rates for non-traditional tenants and landlords, as well as complex properties.
The new proposition, aimed at individuals, professional landlords and limited companies, comprises of three products, including specialist standard product with two- and five-year fixed rate options up to 75% LTV starting from 3.09%, reduced from 3.14%, with a maximum portfolio limit of up to eight properties and a maximum value of £2m with Masthaven. This product takes into consideration those with failed credit scoring, and allows gifted equity from family.
There is also a specialist property product with two- and five-year fixed rate options up to 70% LTV starting from 3.63%, which is designed to take into account more complex properties including HMOs with up to ten bedrooms, flats up to 20 floors and retirement properties.
In addition, there is a specialist product with two and five-year fixed rate options up to 70% LTV starting from 3.89% catering for both non-traditional tenants and landlords. Holiday lets, including Airbnb, are permitted and applicants will be able to remortgage with less than six months’ ownership.
Matt Andrews, managing director of mortgages at Masthaven, commented: “The rental sector has undergone some big changes over the last few years and some landlords and tenants have felt the strain. In a bid to support the market, we wanted to create a product range that offers brokers access to products that meet market needs.
“We want to offer products that suit UK borrowers. As mortgage requirements change, the industry must offer affordable and flexible options that keep up with modern life.
“We listened carefully to our brokers and believe our new range will support their clients’ needs.”