Mortgage Services Proposition, Paradigm Mortgage Services has added Masthaven Bank to its lender panel.
From today, Paradigm member firms will be able to access Masthaven’s range of first and second-charge mortgage products with an array of unique criteria for both mainstream and specialist borrowers.
John Coffield, head of Paradigm Mortgage Services, said: “The number of quality challenger banks and mortgage lenders operating in the marketplace has grown significantly in recent years and the latest UK Finance lending figures shows the strides that many are making.
“Masthaven Bank is certainly one of those institutions and its commitment to all parts of the mortgage market, not just the mainstream, is evident in its product range and criteria.
“We feel certain that many Paradigm firms will have clients who will benefit from the lack of credit scoring and the significant flexibility that it offers.
“We look forward to working with the Masthaven team and introducing them and their range to our members.”
Matt Andrews, managing director of Mortgages, Masthaven, said: “Masthaven is working with Paradigm and its mortgage intermediaries as part of our mission to make the specialist market more accessible for brokers and customers alike.
“Distribution partnerships such as this one are vital to this effort. Masthaven products are designed for customers that don’t fit the traditional high-street ‘cookie cutter’ approach.
“Paradigm is a leading mortgage distributor with strong expertise in the specialist market, and we’re confident that Paradigm’s DA firms will be able to find the answers to their customer needs.”
Masthaven’s first charge mortgage products are offered up to 80% LTV with rates from 2.94% on a repayment basis, with both interest-only and part and part mortgages available up to 60% LTV.
The second-charge range is available up to 75% LTV with rates from 3.84%.
The lender is particularly active in the specialist market offering loans to both the self-employed – for those who have 18 months’ trading.
It will consider projections if the individual is nine months into their current trading period and have two years’ finalised – and contractors who have three months in a role.
It also lends to those with some adverse credit allowing CCJs and defaults under £300 or over 36 months, while recent CCJs/defaults and missed mortgage payments may also be considered.
Masthaven prides itself on its credit flexibility and does not credit score, providing advisers with an avenue to explore for all those borrowers who may not fit the mainstream criteria.