The Committee also voted unanimously to maintain the stock of UK government bond purchases.
It’s been a week of change at the bank, with the departure of Maeve Ward, who played a key role in building Shawbrook’s second charge business, and the announcement that managing director of commercial lending Stephen Johnson is taking a career break.
Masthaven’s rates start from 3.74% to 75% loan-to-value for loans between £10,000 and £750,000.
Shawbrook CEO Steve Pateman: “You have lost confidence in us.”
Rates start from 4.5% and products cater for customers with an impaired and improving credit history, those with a short work history, customers with a low credit score and also later life borrowers.
Vantage will retain its location, staff and name but will look to accelerate growth with the help of the wider group.
The lender launched its second charge lending division in 2017.
Two thirds (66%) of the lender’s buy-to-let completions were for portfolio landlords.
The lender said the move is part of its transition into longer-term second charge mortgages.
Shawbrook’s prime second charge product has rates from 3.40% above base rate up to 95% loan-to-value for applicants up to the age of 80.