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Do you expect to see less or more second charge mortgage lenders in 2018?

Masthaven completes first second charge loan since bank launch


Masthaven has partnered with CSC Loans to complete its first second charge mortgage since becoming a bank.

The challenger bank provided a £341,000 loan to a self-employed couple who didn’t take a dividend or salary in their first year of trading and instead reinvested in their business.

This meant the couple weren’t complying with standard two years of company income lending requirements.

However, Masthaven’s team approved the loan after reviewing affordability and sustainably of income to allow the couple to consolidate existing loans and borrow to carry out further home improvements.

Mark Fry of CSC Loans said it placed the deal with Masthaven because although the applicant had been trading for just over two years, they did not take a dividend or salary from the business in the first year and wanted to retain profits in the company.

“This caused an issue with the lenders that require two years of income when assessing the application, yet we knew they had a strong business and could meet their obligations.

“The team at Masthaven were happy to take a detailed review of the affordability and sustainability of income and took the time to review the supporting evidence provided, such as contracts and management accounts that showed that this current year’s income levels were due to be higher than last year’s.”

The deal comes as Masthaven prepares to launch its full range of mortgage products in the new year and Jon Sturgess of Masthaven said it was a delight to be celebrating its first second charge mortgage by working with CSC Loans.

“This application illustrates exactly the type of lending Masthaven prides itself on – looking outside the tick boxes at real lives and working out how to help customers meet their needs.”

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