Property Value (min)£100,000
£1,000,000 up to 70% LTV (product dependent)
£600,000 to 75% LTV (product dependent)
£400,000 to 80% LTV (product dependent)
Term (Max)35 years
Minimum Age21 years
Maximum Age85 years old
Family Cash Gift DepositYes - unlimited
Family Gift of Equity DepositYes - unlimited
Income (min)£12,500 combined.
RestrictionsMust be Resi BTL, no semi or commercial properties allowed.
Can consider up to 6 bed HMO
Let to Buy (Turning Residential into Buy to Let)Not considered
Ex-Local Authority PropertiesWill lend on ex-local authority houses only if the pre-emption has expired.
We will consider lending on ex-local authority flats/maisonettes up to a maximum 70% LTV, providing the valuer confirms undoubted mortgageability and marketability.
Minimum years remaining on leasehold property75 years remaining on the lease at the end of the loan term
Minimum Ownership6 months minimum ownership
Permanent rights to reside and remainYes, required for all applicants
New BuildsYes – Specialist Standard product – 75% max LTV for houses and flats up to 10 floors – 11-20 Floors is Specialist Property product and 70% LTV
Commercial property underneath on referral.
Historic CCJ’s & DefaultsDefaults & CCJ's under £300 ignored , settled but registered between 24 and 36 months ignored – over £2,500 will refer on DIP, Max CCJ/Def £10,000
Valuation FeesPaid direct to lender and related to lender fee scales
Maximum number of applicants2 individuals
CountriesEngland, mainland Scotland and Wales
AccessAccess to Masthaven Bank is to a selective panel of mortgage packagers
Missed mortgage paymentsUp to 2 missed max in last 24 months, late payment tolerance of 14 working days from due date.
Property Type / CommercialMust be Resi BTL, no semi or commercial properties allowed.
LocationEngland, Wales and mainland Scotland
Right to Buy (RTB)No
Debt Management PlanYes – must be 2 years settled
Help To Buy (Shared Equity)No
Ex-BankruptsYes – must be 3 years settled
IVAsYes – must be 3 years settled
RepossessionsYes – must be 5 years settled
Payday LoansConsidered on case by case basis, if habitual – then no
Repayment TypesCapital and Interest UP TO 80%, Interest only and part & part 60% LTV
Lenders completion feeCan be added to loan but not included in LTV
AffordabilityYes, including using ONS statistics.
EmploymentNo current probation periods, min 3 months in continuous employment required.
Self EmployedSole trader - Minimum trading 18 months; applicant must be minimum 25 years old; income is assessed on the applicant's share of the net profit.
Partnerships - Minimum trading 18 months - income will be assessed on the applicant's share of the net profit
Ltd Company Directors - Limited company - income will be assessed on the applicant's salary and dividend. If the applicant owns more than 50% of the shares, the underwriter may include the applicant's share of the most recent year's profit that has not been distributed by way of dividend.
12 months’ history of contracting, the applicant must have been in their current contract for a minimum of 3 months. Where there is less than 1 month remaining,
evidence of renewal must be supplied.
Where the applicant has less than 12 months’ history of contracting, the applicant must have been in their current contract for a minimum of 3 months, evidenced by at least 1 renewal or a minimum of 6 months remaining on the current contract. Where there is less than 1 month remaining, evidence of renewal must be supplied.
Income will be calculated using the following calculation:
Day rate x 5 (days) x 46 (weeks)
We will allow a maximum gap of 4 weeks between contracts in the last 12 months.
Off shore income structures are not acceptable.
Income must be evidenced by the latest contract and:
• 3 latest payslips, invoices or bank statements showing payments for the last 3 months
Up to 8 properties in total, and £2,000,000 max with Masthaven
Background Portfolio Requirements – Minimum ICR is 140% on security property, 140% on whole portfolio with no single property below 100%
Non portfolio landlords – Minimum ICR 125% if basic rate tax payer, 140% if higher rate tax payer
UK Ltd Company/LLP/SPV is 125%
Additional Document Requirements (Example) – Yes – additional requirements are an assets and liabilities summary, property portfolio summary including all properties owned by the applicant, cashflow forecast and business plan.