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Masthaven Bank

Mortgage Type

Residential

Property Value (min)

£100,000

Advance (min)

£40,000

Advance (max)

£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 Age

21 years

Maximum Age

85 years old

Family Cash Gift Deposit

Yes - unlimited

Family Gift of Equity Deposit

Yes - unlimited

Income (min)

£12,500 combined.

Restrictions

Must 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 Properties

Will 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 property

75 years remaining on the lease at the end of the loan term

Minimum Ownership

6 months minimum ownership

Permanent rights to reside and remain

Yes, required for all applicants

Ex-Patriates

No

New Builds

Yes – 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.

Credit Score

No

Historic CCJ’s & Defaults

Defaults & 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 Fees

Paid direct to lender and related to lender fee scales

Maximum number of applicants

2 individuals

Countries

England, mainland Scotland and Wales

Access

Access to Masthaven Bank is to a selective panel of mortgage packagers

Missed mortgage payments

Up to 2 missed max in last 24 months, late payment tolerance of 14 working days from due date.

Property Type / Commercial

Must be Resi BTL, no semi or commercial properties allowed.

Location

England, Wales and mainland Scotland

Shared Ownership

No

Right to Buy (RTB)

No

Debt Management Plan

Yes – must be 2 years settled

Help To Buy (Shared Equity)

No

Ex-Bankrupts

Yes – must be 3 years settled

IVAs

Yes – must be 3 years settled

Repossessions

Yes – must be 5 years settled

Payday Loans

Considered on case by case basis, if habitual – then no

Repayment Types

Capital and Interest UP TO 80%, Interest only and part & part 60% LTV

Lenders completion fee

Can be added to loan but not included in LTV

Affordability

Yes, including using ONS statistics.

Employment

No current probation periods, min 3 months in continuous employment required.

Self Employed

Sole 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.

Contractors/Sub-Contractors

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

Portfolio Landlords

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%

HMO`S 140%

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.

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