Masthaven Secured Loans Review 2023
Discover whether Masthaven secured loans rates are a fit for you. 100’s of secured finance products & high acceptance rates!
- Special “broker-only lenders” not featured on the comparison sites with great terms
- Intelligent lending technology & no upfront fees
- Great for clearing other loans/credit cards/existing car credit
- New lenders available for 2023
- High loan-to-value (LTV) with some lenders
- Homeowners could borrow from £10k – £850k
- Keep your existing mortgage with no worries
- We only use soft footprint credit search that won’t affect your credit rating
- Sympathetic To Past Credit Issues: We Have Lenders That Accept Virtually All Types Of Credit. Prime, Light, & Heavy Adverse All Considered.
60 Second Pre-Decision In Principle Application Form.
Masthaven Bank For Poor Credit Second Mortgages
Masthaven takes a personalised approach to lending, preferring to let experienced financial experts review and approve applications instead of relying solely on computers and software.
The personalised approach Masthaven takes, make them an exceptional lender for a particular type of customer. The homeowner without an excellent credit score and a less than perfect working status for borrowing, such as a homeowner currently working as a self-employed contractor, is very tricky to get any finance approved.
Masthaven secured loans can cater to self-employed workers, contractors (subject to proof) and low-income homeowners with poor credit. Moreover, they’re flexible with the income proofs required for the application process.
What Sets Masthaven Secured Loans Apart?
The personalised approach Masthaven Bank takes to lending is becoming a rarity. Their tolerance to credit is moderate, and they work with a range of customers, always paying more attention to the monetary amounts of missed payments and the types of adverse credit reporting demonstrated on credit files rather than the specifics of any credit score.
There is a range of entries on credit reports they’re more than happy to dismiss. These include CCJs older than 36 months or for balances of under £300 and any CCJ incurred on an account within the first few years of a credit agreement that’s now been settled. Defaults on unsecured credit with balances under £300 are ignored too.
Masthaven Lending Criteria
- Minimum age of 21 years for those in employment.
- Self-employed applicants must be at least 25 years old and have been trading for at least 18 months. Masthaven prefers to have audited accounts and a reference from your accountant.
- The maximum age is 85 years old. However, for all applicants over 70 years of age at the time of application, independent legal advice will be required.
- Must have been a UK resident for at least three years. EU citizens and other nationalities may be considered.
- Minimum earnings for the primary applicant are £12,500
- The minimum term is three years, with a maximum repayment term of 35 years.
Masthaven Secured Loans Representative Example:
“2 Year Fixed Rate: £160,000 payable over 25 years, initially on a fixed rate for 2 years at 3.94% followed by a rate of 0.25% over Masthaven Bank’s secured loan Administered Variable Rate (to give a current pay rate of 5.25%) for the remaining 23 years, would require 24 monthly payments of £839.25 followed by 276 payments of £950.74. The total amount payable would be £283,488.62 made up of the loan amount plus interest of £122,603.62, a valuation fee of £265, estimated legal fees of £500 and a security release fee of £120.” ~ Source: Masthaven.co.uk
Borrowing Purposes Permitted
- Can be used for business purposes
- To buy a new car
- Home improvement or property maintenance
- Invest in a holiday home
- Buy a timeshare
- Transfer of Equity
Masthaven Secured loans: People can borrow from £10,000 to a maximum of £750,000. The maximum LTV (loan to value) is 75%.
Adverse Credit Second Charge Loans for Debt Consolidation with Masthaven Bank
Masthaven can provide secured loans for those with bad credit scores, specifically for debt consolidation. However, this is subject to cheques being made payable to creditors. You won’t get the money, but your debts will get paid.
It’s a convenient way only to borrow the amount you need to repay multiple creditors, and then you have to repay on the secured loan making budgeting much more manageable.
Overall Closing Thoughts On Masthaven Secured Loans
Masthaven Bank is a good lending provider for anyone with adverse credit and non-standard working conditions due to its personalised approach to reviewing applications instead of relying on automated credit scoring processes.
They work directly and have various offers and services for brokers. An affordability calculator lets you tell us your income, outstanding debt, mortgage details, and other financial commitments, along with a property valuation.
We can then use that to advise how much you could borrow without it affecting your credit files or your first charge mortgage, as it’s a second charge secured loan.
Related To Masthaven Loans Reviews
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- Pepper Money
- 1st Stop
- Paragon Bank
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Are you able to borrow for a loan 25000 without early repayment penalties?
The main features of a 25k loan are the score from the credit report, the impact of CCJs, the home valuer’s forced sale price and the evidence of payday loans on bank statements.
Are you able to get an interest-only second mortgage to pay for debt consolidation?
The key characteristics of rates for a second mortgage are variable base rate, the impact of defaults, the home valuers forced sale price and insufficient personal income.
Are you looking for secured loans with a fixed interest rate for people with good credit?
The key factors of a fixed rate 2nd charge loan are early repayment fees, the impact of loan arrears, the disappointing home valuation and the evidence of gambling on bank statements.
Are you searching for a secured loan no phone call at just over base rate?
The key characteristics of secured loans no phone call are the score from the credit report, the effect of credit defaults, the discounted property valuation and insufficient personal income.
Are you looking for loans for homeowners with poor credit at a low interest rate?
The key characteristics of a homeowner secured loan bad credit are early repayment fees, the impact of CCJ’s disappointing property valuation and low personal income.
Are you looking for secured loans for poor credit at an interest rate close to base rate?
The main characteristics of a secured loan bad credit UK is short loan term, the impact of default notices, the 3rd party valuation of the home pledged as collateral and the evidence of gambling on bank statements.
Are Masthaven Bank the best lender for a fast completion adverse credit homeowner loan?
When looking for an adverse credit homeowner loan it’s important to look at as many lenders as possible as they all have a slightly different approaches to credit scoring and affordability.