A recent UN trade report warned that the world economy could go into recession this year.
Pipeline cases and product transfers are unaffected by the changes.
Despite the temporary changes, checks will continue to be necessary.
The firm set up the new division to meet increasing demand among its residential clients for a specialist mortgage arm.
This comes into effect from today.
David Thomas, chair of The Society of Mortgage Professionals, speaks about the actions taken by brokers during the coronavirus crisis.
Moneyfacts emphasise the impact that is being seen across the mortgage market and how there are similarities to the financial crash in 2008.
Masthaven will be reviewing all pre-offer applications to asses the customer’s long-term affordability in light of COVID-19.
Recent figures show the value of mortgages due to mature this April will account for 11% of the £184bn of mortgage maturities in 2020.
In 2018, the FCA estimated that 150,000 people are currently mortgage prisoners.