Paradigm adds Masthaven Bank to panel

From today, Paradigm member firms will be able to access Masthaven’s range of first and second-charge mortgage products with an array of criteria for both mainstream and specialist borrowers.

Masthaven’s first-charge mortgage products are offered up to 80% LTV with rates from 2.94% on a repayment basis, with both interest-only and part and part mortgages available up to 60% LTV.

The second-charge range is available up to 75% LTV with rates from 3.84% and Masthaven’s second-charge buy-to-let products are available up to 75% LTV.

Masthaven lends to self-employed borrowers with 18 months’ trading although, contractors who have three months in a role, and those with some adverse credit allowing CCJs and defaults under £300 or over 36 months, while recent CCJs/defaults and missed mortgage payments may also be considered.

John Coffield, head of Paradigm Mortgage Services, commented: “The number of quality challenger banks and mortgage lenders operating in the marketplace has grown significantly in recent years and the latest UK Finance lending figures shows the strides that many are making. Masthaven Bank is certainly one of those institutions and its commitment to all parts of the mortgage market, not just the mainstream, is evident in its product range and criteria.

"We feel certain that many Paradigm firms will have clients who will benefit from the lack of credit scoring and the significant flexibility that it offers. We look forward to working with the Masthaven team and introducing them and their range to our members.”

Matt Andrews, managing director of mortgages at Masthaven, added: “Masthaven is working with Paradigm and its mortgage intermediaries as part of our mission to make the specialist market more accessible for brokers and customers alike.

"Distribution partnerships such as this one are vital to this effort. Masthaven products are designed for customers that don’t fit the traditional high-street ‘cookie cutter’ approach. Paradigm is a leading mortgage distributor with strong expertise in the specialist market, and we’re confident that Paradigm’s DA firms will be able to find the answers to their customer needs.”