Masthaven are making temporary changes to their product range and criteria following the coronavirus outbreak.
Changes include a maximum LTV on selected residential products and withdrawal of their MB2 product.
On the first charge buy-to-let side, the specialist property and specialist landlord/tenant offerings are no longer available.
The MS1 and MS2 products in their second charge residential range are no longer available, whilst the MSo and MSoo products are now capped at 70% LTV with a maximum loan of £150,000.
Masthaven’s second charge buy-to-let offering is no longer available.
Certain criteria has also been amended following the crisis, with Masthaven no longer accepting any variable elements for employed applicants such as overtime, bonuses or commission.
Applicants are asked to enter their basic annual salary when completing an affordability assessment.
Zero-hour contacts are no longer being considered except for key workers defined by the government during COVID-19.
Contractors will need a minimum of three months remaining on a current contact or evidence of a contract renewal for at least three months, whilst for self-employed applicants projected income will no longer be considered.
Masthaven will be reviewing all pre-offer applications to asses the customer’s long-term affordability in light of COVID-19, however mortgage offers that have already been issued remain valid.
Masthaven have been approached for comment.