Masthaven slashes rates and removes bank statements for freelancers and BTL

Masthaven Bank has updated its residential range by reducing four sets of rates and making criteria more flexible such as not requiring bank statements for all self-employed and buy-to-let cases.

A 20 basis point (bp) rate cut was applied to the lender’s two-year fixed first residential mortgage, resulting in a starting rate of 3.04%.

The two-year no-fee version was also reduced by 20 basis points to start at 3.54%.

The five-year fixed equivalents were lowered by 25 basis points, to go from 3.34%, and for free from 3.64%.

Relaxations of criteria have seen additional gains like bonuses and overtime allowed in affordability calculations.

Changes for self-employed cases saw screenings now taken into account, as well as not having to provide bank statements under any circumstances.

BTL business also does not require bank statements in all situations.

In addition, the lender has extended its policy on automated appraisals so that they are now possible for Buy and BTL cases, and up to £350,000 on first and second charges.

Rob Barnard, director of intermediaries at Masthaven (illustrated), said that “a return to many of our pre-Covid underwriting approaches”, would allow the lender to “continue to support borrowers, brokers and the wider market, even if some may start to see problems affordability due to high prices, the end of the stamp duty exemption and the closure of the furlough scheme.