Masthaven was founded in 2004 and was originally a private lender before it became the first new bank to be granted a banking licence in 2016. The company prides itself on offering great customer service and making good use of technology. They are Prudential Regulation Authority regulated and authorised, and they are also regulated by the FCA (Financial Conduct Authority).
The bank can lend both traditional (first-charge) mortgages and second-charge mortgages that allow you to borrow based upon how much equity you have in your property and can be used to finance home improvements or other big projects. They also offer buy-to-let mortgages and bridging loans.
Lenders | Loan type | Loan amount | Loan terms | |
Bamboo Personal Loans | Personal Loan | £1,000 to £5,000 | 1 to 5 years | Compare Loan |
BeSavvi | Personal Loan | £1,000 to £10,000 | 2 to 5 years | Compare Loan |
Everyday Loans | Personal Loan | £1,000 to £15,000 | 3 to 5 years | Compare Loan |
1st Stop Personal Loans | Personal Loan | £2,000 to £15,000 | 2 to 6 years | Compare Loan |
Hitachi Personal Finance | Personal Loan | £1,000 to £25,000 | 2 to 5 years | Compare Loan |
Leap Lending | Personal Loan | £500 to £25,000 | 1 to 5 years | Compare Loan |
Lendable | Personal Loan | £1,000 to £20,000 | 1 to 5 years | Compare Loan |
Lending Works | Personal Loan | £1,000 to £25,000 | 1 to 6 years | Compare Loan |
Likely Loans | Personal Loan | £1,000 to £25,000 | 1 to 5 years | Compare Loan |
My Community Finance | Personal Loan | £15,00 to £25,000 | 1 to 5 years | Compare Loan |
Shawbrook Bank | Personal Loan | £1,000 to £35,000 | 1 to 7 years | Compare Loan |
Zopa | Personal Loan | £1000 to £25000 | 1 to 5 years | Compare Loan |
Admiral Loans | Personal Loan | £1000 to £25000 | 1 to 5 years | Compare Loan |
Koyo | Personal Loan | £1,000 to £5,000 | 1 to 3 years | Compare Loan |
LiveLend | Personal Loan | £1000 to £12000 | 1 to 5 years | Compare Loan |
118 118 Money | Personal Loan | £1000 to £5000 | 1 to 2 years | Compare Loan |
RAC Loans | Personal Loan | £1000 to £35000 | 1 to 7 years | Compare Loan |
RateSetter | Personal Loan | £3,000 to £25,000 | 1 to 5 years | Compare Loan |
Amigo Loans | Guarantor Loan | £1,000 to £10,000 | 1 to 5 years | Compare Loan |
Bamboo | Guarantor Loan | £1,000 to £8,000 | 1 to 5 years | Compare Loan |
Buddy Loans | Guarantor Loan | £1,000 to £10,000 | 1 to 5 years | Compare Loan |
George Banco | Guarantor Loan | £1,000 to £10,000 | 1 to 5 years | Compare Loan |
Guarantor My Loan | Guarantor Loan | £1,000 to £10,000 | 1 to 5 years | Compare Loan |
1+1 Loans | Guarantor Loan | £1,000 to £10,000 | 1 to 5 years | Compare Loan |
TrustTwo | Guarantor Loan | £500 to £10,000 | 1 to 5 years | Compare Loan |
Fluent Money | Homeowner Loan | £10,000 - £250,000 | 1 to 25 years | Compare Loan |
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
Remember that, as with all secured loans, your home may be at risk if you don't keep up with repayments.
Many people take out second-charge mortgages to carry out home improvements to fund large purchases such as a new car but you can also use the money for holidays, weddings, or other reasons. Second-charge mortgages are an alternative to re-mortgaging, where you would use the loan to pay off your existing mortgage and fund other things. You can borrow the money over a shorter term, so while your existing mortgage may have 20 years still to run, your second charge mortgage could be repaid in five.
Masthaven also offers standard or first-charge mortgages so you can buy your first home or buy-to-let mortgages that allow you to purchase a house for the purpose of building a rental income that will pay the mortgage and provide you with a second income.
Bridging loans are used when you are moving, and you need to pay for your new home before the sale has been completed on your old one. You can borrow money on the basis that it will be paid off quickly when your house sale is complete.
You cannot apply to Masthaven directly, instead, you will need to go through a mortgage broker such as Free Price Compare who will approach Masthaven for you. One of the advantages of going through a 'whole of market' broker is that we work with a wide variety of lenders which opens up the range of products you can consider, based upon your individual needs and circumstances. For Masthaven, you will need to meet the following criteria:
Offering loans to the self-employed and contractors is a significant part of what Masthaven do. Many lenders prefer not to lend to people who work this way as there is a perceived risk or there may be issues with variable income. Masthaven will take the approach of wanting to be sure that you can meet the repayments but provided that you have proof of that (income statements, accounts, etc.) you will be considered.
Masthaven have mixed reviews on Trustpilot, scoring just 2.5/5 with 36% of people rating them good or excellent. The main issues that customers talk about are communication issues such as long delays in getting documentation returned. However, on Feefo they have an impressive 4.5/5 with reviews that talk about a quick turnaround. It's hard to explain why the two sites have such different reviews of the company. 52% of reviews on Trustpilot are one star, whereas 72% are five stars on Feefo. Lender experiences are highly individual and it always pays to speak with a given lender in forming your own opinion.