Masthaven

Providing an extensive range of flexible financial products and services since 2004, Masthaven Bank was founded on the principle that ‘one size doesn’t fit all’. Headquartered in London, Masthaven Bank specialises in future-focused lending for private and business customers alike, with strong focus on flexible and fixed term savings accounts, bridging loans, development finance and mortgages.

Financial Services Offered by Masthaven Bank

  • Savings Accounts
  • Mortgages
  • Bridging Loans
  • Development Finance

Bridging Loans from Masthaven Bank

Bridging finance is a type of short-term loan. A bridging loan is best thought of as a short-term loan which gets you from A to B until you either clear the loan in full or secure a more permanent form of finance. That’s where the “bridge” concept comes in – finance to get you from one step to another.

Interest Rates

Masthaven Bank bridging loans are only intended as a temporary financing option. A bridging loan is used to bridge a void between a debt which is due and the main line of credit becoming available. Alternatively, a bridging loan can serve as a temporary loan in desperate situations. Bridging loans can be indispensable in helping with purchasing a property which in other circumstance wouldn’t be feasible. But as you might expect with a stop-gap measure, they can be substantially more expensive than a ‘ normal’ loan. Bridging loans can be used for any number of purposes and can be quite complex in nature. While banks like RBS, Barclays and Santander use fixed guidelines when reviewing loan applications, in comparison, bridging finance lenders take a more flexible approach.

The Appeal of Bridging Finance

The uptake of bridging finance has grown in recent years, with the huge banks and including the likes of Yorkshire Bank, HSBC and the Halifax becoming slower and increasingly hesitant to provide mortgages, with sales becoming a more protracted process. With the introduction of the Mortgage Market Review rules, mortgage applications became a longer process, raising the possibility that bridging loans might end up being far more popular still for time-critical purchases both now and in the imminent future.

How to Apply for Bridging Finance

The very first step in applying for a bridging loan is to enter your basic details; the property you are providing for the security, type of bridge loan you want and your name into our online loan application. When we’ve got your online application for a bridging loan we will be in touch for additional details we will need to process it further.

Bridging Loan Calculator

Our bridging loan calculator is easy, free and straightforward to use. It’s an extremely useful tool that can help you:

  • Generate an estimate of how much we might be able to lend.
  • Produce estimations as to how many repayments you may have to make each month.
  • Figure out how much you’ll be able to borrow without impacting your credit score.

Our bridging loan calculator can assist you in finding a bridging loan that’s right for you. Along with providing you with an accurate estimation about how much you could borrow and how much it’s going to cost you, it can also help you narrow down the deals which are best suited to your circumstances.

Commercial Loans from Masthaven Bank

A commercial loan is a short-term, and it might be renewable when it’s matured. Commercial loans are used to fund capital needs; that is, needs for operations of the company. Commercial loans can be obtained from a credit union or bank. Usually, the business’ assets are used to secure the loan. To get approved for a commercial loan, the business needs to be seen as a good credit risk. A commercial loan officer scrutinises various financial and tax statements, and a business plan, to determine how good a credit risk the business is.

Loan Calculator

Online loan calculators compare loans that can be paid back between terms of 1 and 25 years. The APR you’ll be charged will depend on your circumstances and tends to be between 3.2% and 100%. You can compare the cost of various deals by altering the loan term or the amount you want to borrow. Alternatively, you can enter your monthly budget and let the calculator tell you how much you can borrow and over what term. An online loan calculator can be used for all types of loans ranging from unsecured and secured to business and home loans.

Help-to-Buy Loans from Masthaven Bank

A Help to Buy loan is designed to help first-time buyers get on the property ladder or buy a new home without a huge down payment.

Help to Buy Explained

The Help to Buy scheme has is made up of three main parts:

Help to Buy equity loans, London Help to Buy and Help to Buy ISA.

To be eligible for Help to Buy, you must always:

  • Be purchasing a property you’re planning on staying in the majority of the time, for example, not a property you’re intending on using as a second home or letting out.
  • Have a down payment of a minimum of 5 percent.
  • Be looking to buy a property worth £600k or under, although different limits apply for Help to Buy ISA.

What Is a Help to Buy Equity Loan?

Help to Buy equity loans are one of the most popular paths into home ownership and are available to people who wish to purchase a new-build home.

These loans work like this:

  • You put a deposit down of at least 5%.
  • The government lends you up to 20% of how much the property is worth valued at as an equity loan.
  • You take out a mortgage on the remainder of how much the property is worth valued at, so, if your deposit was 5% and your loan was 20%, you’d then get a 75% mortgage.

Homeowner Loans from Masthaven Bank

Homeowner loans are only available to those that have a mortgage. Sometimes this type of borrowing is referred to as a secured loan since the loan is secured on a property, which could be repossessed should repayments not be made. This decreases the loan provider’s risk, which could result in preferential interest rates, but presents a massive risk to the borrower who’ll have their house repossessed if payments have defaulted.

How Much Can I Apply to Borrow?

The amount of the loan approved depends on who your loan provider is, however, a homeowner loan tends to be up to £250k or above. Lenders always feel more confident giving loans to those who are prepared to secure the credit.

How Quickly Do I Have to Settle My Homeowner Loan?

Due to the huge amount of credit associated with a homeowner loan, repayments can be spread across thirty years. This term could mean that debtors could take advantage of low-interest rates, however, remember that overall more interest will be paid.

Can Homeowner Loans Be Paid off Early?

You will have the opportunity to repay a homeowner loan before its due date; however doing so may incur an early settlement charge, which is added to the balance at the time that a settlement figure is requested.

Career Development Loans from Masthaven Bank

These loans are bank loans to fund courses that help with your job or help get you a job. You may be able to borrow between £600 and £10,000. Loans are usually offered at reduced rates of interest and the government pays the interest while you are studying.

To apply you have to:

  • Plan to work in the European Union, United Kingdom or EEA once you’ve finished the course
  • Have been residing in the United Kingdom for at least 3 years prior to your course starting
  • Be a British citizen
  • Be over 18

Which courses qualify?  For a course to quality it needs to:

  • Last up to two years, or three years if the course includes a year of work experience
  • Help your profession
  • Be provided by an organisation on the Professional Career and Development Loan Register

Professional and Career Development Loans cannot be used for a first full-time degree however you can apply for a student loan if this applies to you.

Repayments and Interest

Professional and Career Development Loans are bank loans that have to be paid back. You begin paying back a professional and career development loan 1 month after you have finished your course. The government pays interest while you study and for 1 month after you leave your course. Then you begin paying back the loan.

Commercial Mortgages from Masthaven Bank

A commercial mortgage is used to buy business premises or to buy an existing business. Commercial mortgage providers typically require a deposit of 25% to 40% of the total value and mortgage terms can run from twelve months, up to forty years. Getting a commercial mortgage is based on the ability of your company to be able to meet the repayments.

You’ll also find that lenders will evaluate your business prior to quoting you an interest rate. They typically look at the current position, past performance and long-term future plans. The rate of interest you’ll be quoted will be based on these factors and may be greater if the underwriter identifies higher risk in the proposal. You may have to give a thorough business plan showing you’re able to make repayments each month, and a professional evaluation is usually required.

Mortgage Calculator

A mortgage is an enormous financial commitment, so you need to know just how much it’s going to cost. The best way to finding this out is to use an online mortgage calculator which allows you to figure out exactly what your payments are going to be, whether you are a first-time buyer, moving home, re-mortgaging your property or applying for a buy to let mortgage. Will you get a mortgage big enough to buy your dream home? Are you concerned about the payments? Regardless of whether you’re an experienced investor or a first-time buyer, a mortgage calculator can help you find out exact figures you need in order to get there.

An online mortgage calculator is extremely easy to use – so much so that within a few of seconds you’ll know how much the payments are going to be based on the rate of interest, how much you need to borrow and the mortgage term.

The tool, also known as a re-mortgage calculator or APR calculator, works for a broad spectrum of mortgages – from first-time buyer mortgages to buy-to-let mortgages. Remember that these results only offer a quick indication of how much you are going to need because all mortgage providers have different ways of assessing how much you can borrow and the what repayments are likely to be.

How to Apply

While many of the financial products and services provided by Masthaven Bank can be applied for online, others require in-person meetings or telephone consultations. In any case, we can help you pinpoint and apply for the perfect product for your needs. Give a member of our customer support team a call today, or send us an email with an outline of your loan requirements.