Compare Criteria

Masthaven Bank

Mortgage Type

Bridging Lenders

Property Value (min)

Refer

Advance (min)

£100,000 for standard bridging

£150,000 for Light Development

£250,000 for Standard development
(Ground-up developments, self-build projects, barn conversions and larger
extensions)

Advance (max)

£5,000,000 (more by referral)

Term (Max)

12 months (15 months on development)

Minimum Age

21 years

Maximum Age

85 years old (older on a case by case basis)

Income (min)

Proof of income required where the exit is dependent on refinance.

Restrictions

FCA and non-FCA Regulated lending on 1st Charge basis, including Refurbishment and Development. 2nd Charge on residential property. 1st Charge on Commercial and Semi-Commercial.

Permanent rights to reside and remain

Acceptable passport holders resident in the UK with an indefinite right to remain – including UK, EU, Australia, Canada, Hong Kong, Iceland, Japan, Jersey, New Zealand, Norway, Singapore,
Switzerland and USA.
UK passport holders not resident in the UK –
accepted subject to:
• Copy of the UK passport seen, and certified, by a UK Solicitor in person at the point the applicant is physically present in the UK for completion.
• No foreign currency loans.
• No serviced monthly loans.
• Two proofs of residency at current address abroad.
• No residency in High or Very High Risk classified countries for AML purposes or sanctioned countries.
All legal work must be completed in the UK by a UK registered solicitor.

Rental Calculation

Interest payments will be rolled up to the end of the term of the loan. We may allow the loan to be serviced monthly if the borrower meets our affordability requirements. This decision will be made by the underwriter on a case by case basis.

Historic CCJ’s & Defaults

Prime - no mortgage arrears in the last 24 months; no CCJ’s/defaults in the last 36 months unless under £300; CCJ’s / defaults over 36 months if satisfied by date of application.
Standard - All adverse credit considered (exit cannot be refinance if credit does not allow it given the position prior to drawdown of the bridge)
All types of credit history considered

Valuation Fees

Paid direct to lender and related to lender fee scales

Countries

England, Scotland and Wales

Access

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

Condition

No minimum property condition as it all depends on the profile of the case i.e. what is the bridge being used for, loan size, LTV, additional security and exit strategy. Most security considered including Residential and Commercial