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



What do challenger banks offer to the second charge mortgage market?

By Jon Sturgess, Head of Sales for Secured Lending at Masthaven |


 This is an important time for the second charge mortgage market and brokers and consumers are appreciating it as a flexible alternative financial solution.

At Masthaven we are committed to playing a role in growing this market to make it more accessible and affordable than ever before. 

Since the Mortgage Credit Directive (MCD) was implemented in March 2016, brokers have had to consider whether a second charge mortgage could be the best solution for their customers. Increased demand for this product has led to much debate about how the market may evolve for both intermediaries and lenders. 

As a newly authorised retail bank preparing for launch, at Masthaven we're really excited about the opportunity to be able to offer our broker partners access to both first and second charge mortgages all under one roof – building out our existing capabilities for a stronger future.

We believe new entrant banks are key to creating a positive shift in the market. We will be able to offer first and second charge mortgages in one place, tailoring the lending process for each product, but also making both products more accessible to brokers. 

The key to building a sustainable and growing second charge mortgage market will be to lower the cost of the product to the borrower, while fairly rewarding the intermediaries that have developed it. The access by banks to a broader base for funding their lending means that as a retail challenger bank we will be in a strong position to deliver lower rates while remunerating intermediaries.

Building our own bank, we are also keen to ensure we prioritise what matters most to us and our broker partners. So dependable, expert service will continue to sit at the heart of our offer.   

At Masthaven we are excited about the future of this growing market and look forward to supporting our broker partners at our launch later this year.   

Attributed to Jon Sturgess, Head of Sales for Secured Lending at Masthaven



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