The two-year fixed rate has been cut from 3.24% to 3.04%, and from 3.74% to 3.54%. There are no fees applied to these products.
For the five-year fix, rates have been reduced from 3.59% to 3.34% with fees, and from 3.89% down to 3.64% with no fees.
Criteria relaxations have also been made, and the lender has extended its AVM policy. Bank statements are no longer necessary for all self-employed and buy-to-let cases, additional earnings such as overtime and bonuses are allowed for affordability calculations and projections will now be considered for self-employed.
The automated valuation model (AVM) policy has been extended, to be considered for purchase and BTL cases, and on both first and second charge up to £350,000.
Rob Barnard, director of intermediaries at Masthaven, said: “Activity in the housing market has soared since the start of the pandemic, thanks in part to initiatives like the stamp duty holiday. The result has been a booming market with high transaction levels and house price growth.
“It hasn’t all been plain sailing, however, and the combination of high house prices, the end of the tax holiday in July and the looming deadline for the end of the furlough scheme is likely going to bring affordability issues to the fore for some borrowers. These rate reductions as well as a return to many of our pre-Covid underwriting approaches allows us to continue supporting borrowers, brokers and the wider market.”
Original article featured here…
Masthaven recently published more results from its latest research, showing that flexible lending criteria is now a bigger customer priority than it was pre-pandemic, according to 79% of the brokers surveyed.